Has Property hit rock bottom yet?

I t does not appear so. Jonaton Chanceller (property ed for SMH) was on ABC radio last week predicting a further average 10% fall this year. He also claimed there were a record number of properties still on the market that failed to sell late last year mainly because vendors were unrealistic about declining prices.
There certainly seems to be a glut of unremarkable 2/3 bed semi's in the 700 - 850k range in the inner west. Who the hell wnats to pay that sort of money for such little space. In comparison I'm amazed at how much the lower North has dropped, there are plenty of large 3/4 bed freestanding homes available for around the 1 million mark.