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not overall, but it does happen in patches - dead mining towns, dead fishing towns, dead abbatoir towns ... usually these are small places, in the middle of nowhere with no other industry nearby, and no other reason to exist. even some big town - tamworth 20 years ago you couldn't give away...

i was just thinking that it reminds me of sydney 7 years ago ... is this the old 7-10 years cycle rearing it's head? there was desparate buying, the market went silly, then the market plunged and stayed down for the the next 6 years.