how come the asx market is so stupid, page-25

Just like the sharemarket at present, sentiment is everything....If the threat of unemployment looms, interest rates, no matter how low, will stop people buying property as owner occupiers.
Investors may come into the market as ROI will be comparable to fixed interest. However the probability/hope that the sharemarket will bottom and provide greater short and long term returns may limit even potential property investors. As someone who (like many) has invested in property over many years, I believe that property is not a viable option over the next 2-3 years at least, other than as a defensive investment.

My 0.5 cents worth, for what it's worth.