I noticed the same thing around here (Shirley/Freemantle are), prices have gone down a bit but most are still high and a lot of sellers (or their EA) are not ready to acknowledge that their house is not worth what it's really worth. The most common problem I find is houses in need of updating but the owners still want to sell at the same price at what a fully modernised house would sell. Fortunately, there are a few houses perfectly priced though (from people who really need to sell, no doubt), we just need to find the one that suits us!