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What worries me is in some cases it takes a year for people to drop their asking prices $50,000 - or around 10%. Yet none of these places in the video had sold yet. The crisis of confidence can't be far off for some of these people, but will the big price drops follow?  Where will the buyers be, are they waiting at the bottom?

Or are they now completely priced out of the market as lending standards have tightened?

I guess its nothing like this in Victoria yet - but if we start to see piles of signs, at least we know what comes next.