off to 32c and beyond soon ?, page-137

"There has to be some reason for the same thing to be seen in SP's across the RE industry", agreed, but without wandering too far into supposition I'd suggest the common denominator is sentiment ATM. With the exception of IO most upstream materials are in the toilet yet we've seen GDP growth slowly solidify thru '13, sentiment remains negative despite the evidence of improving fundamentals.

Very similar sentiment to that which allowed me to buy TLS in '11 on a fully franked yield of 12.5%, 10% net of tax, using leverage costing me 3.5% net. TLS was a screaming buy and no one went near it for months, I used someone elses money for a 6.5% pa income after tax and took a 40% cap gain, yet it was blue chip totally unloved - how do you explain that?

Lei provides as good an answer as any on the balance.