How long does it take for vendors to realise that the boom is over? It's painful to see sellers thinking that because properties have been on a sharp incline in the last few years they will continue to rise. I know I see people posting stats saying an area has grown 10% a year for the last 5 years so I'm going to buy there as I'll have great CG. And others discounting an are that has had lower than expected growth for 8 years. Example- A house in Kings Langley, Sydney was sold in April 2015 for $805K. Young buyers decided after a few months that they want to love in the country (story I got). They put the house on the market and didn't get what they wanted. They then relisted in September. They decided to go to auction (was supposed to be on as I type). They had an offer for $850K but rejected it (according to the agent). I estimate they would need $860K to break even. So I went to watch the auction and it's been cancelled and is now for sale for $899K. It's a nice house, but not real big and it has a pool but not much yard. Onthehouse says $825K (for what that's worth). I'll see how it plays out.