Maybe its different here in the outer southern suburbs of adelaide, but I find it hard to believe that people are not recognising the drop in prices. I will admit I have expected it for about 4 years and it hasn't eventuated but I fully believe it has started and strongly. I have friends selling there house and they started at $260000 3 months ago and now are asking $225000. I regularly check the prices as I'm thinking of investing in property and have been waiting for it to correct. This is not the only example most standard 3 bedrooms have been 250 -280 until lately and they are now mostly around 210-230. Obviously only in my local area. They are almost at the point of being positively geared, which is where I want them to be for investing in. Anyway it appears to already be down around 20% and yet the stats often quote only very small percentage decreases, which makes me think they cook the figures. So thinking now might be good to invest or perhaps they will fall further? Before people contradict me I am only speaking about the immediate area I live in, but I would assume this is not isolated. The correction is happening and is already down about 20% in my area, there are mid week open inspections which I've never seen before and these have very few attendances.
