Many investors have bought several properties during low interest rate, when the rate rose several times in such a short period of time, they got heavy burdern on the mortage. And the foreign investors and students are leaving this country, there is no strong demand on the buying and renting side. An intersting figure shows everything: the property number on selling market has increased 23% compared with the figure 12 month ago (according to Australia Financial Review).
If you experienced the collapse from 6400 to 1800 in China's stock market or collapse in US or UK, you can understand the pressure on the seller. One of my colleagues who just sold her house in Brisbane told me the truth: the current market is terrible.