Some Greenwich house-sellers have company down under.

And many more would, if they were willing to accept reality. Sell Sell Sell - Aussie millionaires cut losses on their mansions

New research by analysts Australian Property Monitors shows real estate agents slashing millions from their initial asking prices for homes in some upmarket areas after only a few weeks or months.

RP Data analyst Tim Lawless said affected areas include the northern beaches suburbs such as Manly, Warringah and Pittwater.

"House values there have fallen by 10 per cent and the median is now around $900,000, down from just over $1 million in July last year," he said.

Craig Pontey, from Ray White Double Bay, said houses selling for $3 million to $8 million "have come off their highs by 5 to 8 per cent" since the post-2000 boom time. Property analyst Louis Christopher from SQM Research said: "I have met a number of these people who have been utterly wiped out by the sharemarket correction and are looking to offload their property."

Brian Redican, a senior economist with Macquarie Bank, said that until recently the lower half of the top-end market had been shielded from the falling property value trend.

"But the shakeout of the sharemarket has shown signs of forced selling and it's probably true we have seen falls in house prices in that end of the market, but they are relatively small falls," he said.

Liam O'Hara, a senior economist with Australian Property Monitors, said that while well-off areas were starting to feel the pain, the real falls in property values were in the western suburbs.

And high-end real estate agent Billy Bridges - who deals in properties worth tens of millions of dollars - said the very top of the market was still faring well.

"Our market's incredible. I've got 20 buyers with well over $20 million looking for waterfront. The top of the market is on fire. Hopefully those poor bastards in Bankstown will get some reprieve soon," he said.

I think I'll keep my eye on this Billy Bridges - I get the impression he'd sell one of his listings to his own mother, given the chance. Or find work with Antares.