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Yes, to understand the changes in valuation multiples, you have to look at decades to get the big picture view. http://www.ibhb.com.au/resources/valuations.htm

Real estate is a long term investment. You shouldn't get carried away by or try to rationalise (obviously it makes for intersting discussion, but not sure what value it adds) the short term fluctuations - weakness in the market or strength. Invest on the basis of the long term drivers of value.