Fair enough, no debt limits the risk and main exposure is QLD...

Fair enough, no debt limits the risk and main exposure is QLD where the market is less excitied. TWD is not a big developer doing big projects that put the company in trouble when the market turns, but does individual house builds and doesn't risk capital.

The problem with buying at the bottom of the cycle is it could be years away and when it does come, will you recognise it? Do you know that now is the top? By the time it turns, TWD could be well ahead in Melbourne and Sydney and so the price is higher regardless.