007 lets assume you are correct and he stated the 40% drop would be over 15 years at that rate then that means a relative value drop of 2.27% p/a. Thus property prices are basically stagnating and decreasing in value by inflation not a direct price drop. There is nothing new or spectacular in this as usually after a strong period of growth house prices stagnate for a while.
Actually this would be disheartening for all those die hard bears jumping up and down that a 40% crash in prices must occur as most of them are under the delusion that prices are going to collapse by that much basically overnight. We are not the US and it is highly unlikely that we will a dramatic price drop in the overall housing market, but a period of overall market price stagnation is certainly highly likely. Based on that there will be allot of people waiting forever for that 40% price crash as they would not recognise that their dramatic crash did occur but just not overnight!
