"I am an Australian property bear (-20% over 3yrs)"
Well I am bullish over the long term and I would agree with the magnitude of the drop you are proposing - personally I wouldn't expect to much to occur in the property market for the better half of the next decade. At least you are reasonable in your expectations unlike many others here. This sort of drop is healthy and quite normal after a strong period of growth. 40%+ drops across the whole market would mean that the Australian economy will be a total basket case.
