PETER RYAN: How low do you think prices could fall as a result of this continuing slump?
MICHEL MCNAMARA: When there are a lot of vendors at the moment that are distressed, when we're seeing a lot of forced sales, what that does is it brings the price of established property down. And a lot of those properties, especially on our outskirts, will be the sort of McMansion dream home that Beechwood would be trying to sell here. And given that their new homes are competing against a glut of established stock, it diminishes the demand for their product.
do you think he answered the question? I don't
I wonder if Australian Property Monitors have a vested interest in making properties sound higher than they infact are?
Are there any independent agencies out there?
They all attached to the real estate industry aren't they?
