Lee A very good post, no only cos I live in Adelaide, but do agree it is (normally) a stable market place.
Prices are coming down...yes I agree
Sales volumes - supply, V V High, even higher than 6 months worth when you take proptys unsold & removed from RE agents due to one reason or another (often unrealistic pricing)
To say that price reductions are un precendented ! I cannot agree ,...
I draw your attention to Leith's (unconventional economists) latest data display of the correlation between sales no reductions & the % of the reduced price of the sale. These graphs display less fluctuations for Adelaide, but show historic price reductions quite well. Let me know if you need reference... Cheers lescat
