I think a larger amount IP's and second or third houses in the area is a factor.
I've been keeping an eye on a few houses I think a few forced sales aren't helping the situation. One place I've looked at had funds borrowed against it for a business that went bad. Another property I looked at was slowly run down to a point where it couldn't be rented and the owners can't get the funds to fix it up. Seems be be alot of these kind stories showing there ugly heads at the moment and there setting new levels of priceing.
As for my place, it was a lifestyle decision to sell and we're not in a position where we have to sell. I've already pulled the price back over 30% as we will be able to pick up our next place cheaper also. I'm just not prepared to drop the price any further as this place should bounce back better than where we are looking to buy.
