50% from current levels? No way, not even the extreme end of the market that saw those falls in the GFC when the big end of town got toweled up.
10% is about right from current median prices in capital cities for me to be a buyer, even then, property must be up around 5% since last year anyway. But for now, property is on the rampage and a great time to sell, people waiting for it to make up what it lost in the GFC will get caught.
As they say never fall in love with a stock, should apply that logic to property too.
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