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I see your point Evand, but it depends on the volume as well. If it is one silly sale amongst a bunch of normal sales - I doubt it would effect anyone's thinking much. Actually now that I think about it - it does effect the people who don't think (read 'valuers' who don't care). :rolleyes...

Exactly, you can't analyse an entire property market based on one transaction. If similar houses sold for $300k then one sold for $270k, and subsequent area sales were back at $300k - I hardly think it's correct to say the market price dropped by 10% in that area? What, for the week of that...

The arguments mainly fall to the fact that debt is the highest it has been, average incomes cannot afford it etc. This however ignores the fact that people who buy the expensive houses aren't starting from scratch, and that there are always cheaper dwellings somewhere. I'm sure there are a...