Hi Seals While you are no doubt correct about 40-60% being unlikely, I'd like to raise some opposing views: 1. Re-setting fixed rates are not poular here? news.com.au are funny a piece today suggesting otherwise, indeed that a massive number fixed in March 2005 and are about to be reset (NB: Interesting one source is the head of finance for Raine & Horne - hardly your typical doom merchant!) 2. We have an undersupply already? I lnow this is a cliche, but see Japan. 3. Willing buyers? That's the real issue. Perception (if not evidence, to your point) of declines reduces the incentive for buyers. Timelines stretch, sellers relent on a lower price, perception becomes reality. 4. With respect, a sideways market for a few years will not bring wages up to longterm pricing norms (assuming longterm = 4x earnings, compared to the current reported = 9x). CJ
