Well, just as the train wreck called the Great Aussie Housing Crash is being witnessed by all, let me tell you what is going to START happening in the next few weeks (after spealing to many industry insiders lately).
As clearance rates hovers around the sub 50s (in reality - as opposed to the "healthy" numbers reported by the REIV minus all the embarassing and censored pass-in data), the RE agencies are now under pressure to slash staff and soon close up shops. Many RE agents are being walked across Melbourne....TRUST ME..I would suggest you also keep an eye on the number of agency closure NOW and in the coming months.
Knowing there is now a CHRONIC SHORTAGE (he...he..) of buyers, the RE agents will start to condition the vendors for steep discounts telling them that this is a shrinking market, buyers market, or you will never get out once the crash gets a second leg.
Soon, the REIV will publish (you will be able to see it at your local news agency or milk bar news headline stand) of house price falls in Melbourne that will interestingly be much worse than the dogdy RP Data figures.
Unfortunately, in trying to kick-start transactions, the REIV will instead cause a mighty panic to take hold (not that it isn't here already).
BTW, contrary to my overestimation of her, I think Kincella actually still hasn't got out.
