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Emotions have long been known to cloud investor judgement. There was never an asset class so influenced by emotions as property. Perhaps this will prevent the property bears having their day.

Of course there are "markets within markets" etc, but no one can deny that the sentiment on housing is generally down across the nation. I'm not denying that there are not deals to be had, but focusing on a submarket to justify a bullish view on the market generally is illogical. The WA...