The S&P/ASX 200 Index (ASX: XJO) has slumped another 0.1% at the time of writing on Thursday afternoon. It means the index is now down 2.3% for the year to date but the shares are 6.6% higher than this time last year.
Losses have been seen across the board this year as geopolitical uncertainty and concerns about rising inflation rates puts pressure on markets.
But there are some ASX shares which have been pushed down to fresh multi-year lows.
The question is: Is this a buying opportunity for investors? Or a sign of what will come next?
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Dexus (ASX: DXS)
At the time of writing, Dexus shares have shed another 1.3% to $5.96 a piece. Today's decline marks the stock's lowest point seen since late-2012.
The shares have tumbled 14% so far in 2026 and are now down 19% over the year. The decline has come off the back of concerns about Australia's interest rate direction, high borrowing costs, and overall investor uncertainty.
But the ASX 200 real estate stock is a major Australian property investor, developer, and manager. It has a large, high-grade office portfolio and a smaller industrial portfolio in Australasia. It also manages properties on behalf of third-party investors.
This means it's diverse and it has a steady, reliable income.
Its FY26 first-half statutory NPAT came in at $348.5 million, up significantly from $10.3 million in the same period last year. The increase was mostly driven by property valuation gains.
Analysts tip an average upside of 22% to $7.28 per share.
Cochlear Ltd (ASX: COH)
Cochlear shares are also trading in the red at the time of writing, down 0.2% to $165.30. This is the lowest level seen for the ASX 200 company's shares since October 2017.
The shares have crashed 37% in the first three months of 2026, and they're 39% lower over the past year.
The world's leading cochlear implant manufacturer suffered from lower-than-expected FY25 results in mid-August, and again for the first half of FY26 last month. Investors were spooked and many sold up their stock.
But brokers are confident that a recovery is on the horizon, with many agreeing that the company's share price is now below fair value.
Analysts tip an average upside of 51% to $249.58 over the next 12 months, at the time of writing.
WiseTech Global Ltd (ASX: WTC)
It's been a bloodbath for WiseTech shares over the past nine months, with the company's share price crashing 68%. At the time of writing, the share price is down another 3% to $38.45, marking the lowest point for the ASX 200 shares since a dip in June 2022.
For the year to date, the shares have shed 44% of their value, and the stock is currently trading 55% below where it was this time last year.
The logistics software company faced several huge headwinds, which sent its value crashing. Even an impressive half-year result in late February didn't stop investors selling up.
But after so much downwards pressure, brokers expect the price to bottom out this year and start soaring.
Analysts tip an average 123% upside to $85.69 over the next 12 months, at the time of writing.
