Falling prices

I have been looking at the listing and sale prices for two bedroom apartments in Brisbane. During the peak of the market, which was about 2008, good quality two bedroom apartments (which were more than 110 sqm in size, and often larger) were selling in the $800,000 range. Now, these same apartments are selling in the mid to low $600,000s. That is a decrease of about 20%. One wonders what would have happened to Vision and Empire Square buyers, where the contract price of two bedroom apartments exceeded $1 million.  These buildings did not go ahead, despite Colliers reporting strong presales.