article 10 oct 2009, page-22

Major,
I made my comparisons using the 2009 calender year charts, i dont know what i was thinking when i said "financial year" lol but thanks for correcting that anyway.
To be honest i dont understand your point why the index's aint comparable on point basis? I also mentioned how each index moved seperately during 2009 so calculating the percetage change for each index by looking at my previous post is mathematically trivial!
In relation to the write downs, it affected all sectors, not only the REITs. Each sector is quite unique, for example the energy and metals sector got affected by the massive fall in oil and metal prices during the GFC! Banks got affected by the massive bad debts that had to write off! what i am trying to say is that i agree with you that REITs got affected by the write downs more than other sectors, but there are many elements affected other sectors and did not have a real impact on the REITs.
Regarding the "less borrowing/gearing", again its applicable to all sectors. I think this point in particular should affect banks more than any other sector as it will result in much less profit and growth(as a result of less lending).
I agree with you that the commercial properties suffered big losses, but i compared Australia with the rest of the world and still believe that AUS is in a much better position than other markets including commercial and residential properties.
Finally, the way i look at the recent interest rate hikes as an indication that the market is in its way to recovery, otherwise the RBA would not have risen them.