Yes, it's possible. But very unlikley in this environment (and increasingly more unlikely) for the backlog to be cleared as more and more supplies come on stream.
The REIV has just freaked out a herd of would be sellers to list in the near future. The "good time to buy" crap is falling on deaf ears.
They tried the opposite trick a few weeks back with the $M suburbs and no one took the bait.
The would-be buyers (very few fools left - ones who have been buying lately and even yesterday are increasingly being soaked up) unfortunately are not heeding the message. Just llok at the 53% clearance of yesterday.
The price plunge message is the one people will remember not the nonsense Enzo said about a "temporary correction", "expected slowdown", more sustainable" and all that insulting stuff to one's intelligence,
The end has arrived, we just saw Mellor, CJ, Yardney and other clowns bombarding the cyberspace with "NO CRASH" pleas.
These guys have lost the plot. They just don't understand the headwind the are facing. They are preaching to the converted. Unfortunately, their earlier converts are starting to get suspicious as their net worth start to dwindle.
As I say, you can fool everyone some of the time and fools some one all of the time. You can't fool everyone all of the time.
