As well as those who were looking for dividends, there is no...

As well as those who were looking for dividends, there is no reason to sell at a loss unless the shareholder needs cash, believes the price is going to go lower or sees a better opportunity.

The recent news about taxing foreign nationals who wish to buy Australia might add to the grief in the short term. It is well known colloquially that many foreigners want to list on ASX, buy business' in Australia etc as that has historically been a path to citizenship or at least residency.

With riots on the streets in Italy and other European nations in relation to "immigration" the brakes might just be on in Australia before that arrives here.

The fly on the wall might well be able to see the demographics of where the sellers are coming from:

Retirees who want dividends
Funds that require dividends to retain the share ownership
Foreign nationals who really don't like the idea of having to pay more that the natural born Australians to get into the Australian property market
and of course those who have lost patience and can't see the growth path.