Just dumped my final property in Nrth Frankston i have had for...

Just dumped my final property in Nrth Frankston i have had for 1.5 yrs. It was being rented by a single mother and paid for by centre link at a measly 220PW.

I couldnt get anyone interested over that price, but to be fair it was simple property which im glad is out of my hands now.

My friend who has a property also in Frankston cant rent his. He has had it on the market for 5weeks. Also to be fair his asking for 350PW (nice place though) but its Frankston.

Rents will continue to drop as more stock comes into the market and this will be accompanied by falling prices.
The most worrying thing is when the liquidity to the banks dries up because there balance sheets are soo over leveraged to property, panic will kick in.

I think this year will be the last chance to jump off the ship before the real acceleration of falling prices kicks in. Remember we have seen moderate drops only, the bears are just coming out now.