Recapping on my original post (No: 39118) on 28/02/11 regarding a price drop from 700k to 600K for a 918 sqm block of land at 26 Elvina Ave Newport, on Sydney's Northern beaches, a new price of 550k is now being promoted.
This is a 21.5% drop from the 700k being asked last year....and still the property hasn't sold.
For those in denial that these sorts of percentages would never happen then what further evidence do you need.
This is not an isolated circumstance as there is an almost identical block of land in the same street for a similar price.
