subversion upgrade - "Expected version '3' of repository"

[Sy Beamont]

Before the FC2 upgrade I had subversion 0.32 installed. Now that 1.0.6 
is installed, 'svn update' (or any other repository operation) results 
in
$ svn update
svn: Unable to open an ra_local session to URL
svn: Unable to open repository 'file:///opt/svn/smrproj/trunk/www'
svn: Expected version '3' of repository; found version '2'

I've looked high and low but there does not seem to be a repository 
upgrade script anywhere. Is the only option to downgrade subversion? If 
so what would be the best way to do that - with yum?

thanks