$1.5 million plunges to $350,000, page-9

Well, simple fact is this (together with many other examples of price bust) couldn't have happended back in late 2009 and 2010. These things don't happen because the locale is crap or infrastructure is lacking or any other reason alone.

It happens because the music has ended in the game of musical chairs. People now realize the property game is a house of cards and that what's happens. Even the bargain ladies up there don't see bargains anymore at $350,000. Surely they must have thought $700K or $900K be bargains when the asking price was north of a millon. The woman in tears sure did IGNORE the doomsayers.

For blood in the street that are more relevant to us city folks, just look at the Melb property total collapse this year.

Agents are already expressing wide spread anxiety. Others are (misplaced) more positive because of massive dicsounts that they think will result in more transactions.

They are right initially. Soon after all demand will pull back as the proverbial catching the falling knife will become all too apparent.