price at the bottom end

We've been reading about the price drop at the top end of the market, but little is mentioned about the lower end.

This underwood house was listed on December 2010 for $325000, now still sitting nicely on the market at $250000 plus.
That's more than 20% drop in price.. still no taker.
Possibly still overpriced?


http://www.realestate.com.au/property-house-qld-underwood-107076210