News: REA Rea Group says Hy revenue from ordinary activities $337.3 mln, up 16%, page-7

Well in Vic - during the GFC, there was a dip in transfers of about 10%. I remember buying a place for my parent's in law hoping to take advantage of the price dip - there was very little on the market in the premium area I wanted to buy in for them, but I believe I did manage to get something at about 30% cheaper than it would have been 12 months prior.

However there was no panic for most people, and no recession either - I would suspect if there was a panic REA would make heaps for a period, but then after that if people are losing money, they would get scummy I suspect and that would feed back through the chain.