Yawn and by the uber bear mantra all property is too expensive and MUST fall no ifs or buts. As always some property is overpriced and will fall, other property is either moderately priced or cheap - as always it is all about area and individual property characteristics. The one thing that differentiates property from shares is that it is a less liquid investment which means that people will put more thought into selling as the whole process takes longer. Whereas with shares as we have seen in the last year many panicked and with a few clicks of a mouse and taps of a keyboard they sold their shares - driving the market down further. The other thing with shares is many got caught with margin loans and were forced to liquidate, whereas with property even in the worst case scenario where values drop substantially people won't be forced to sell unless their income stream changes substantially enough that they can no longer meet the repayments.
