RP Data shows that prices in Adelaide have waned badly in the last quarter are now lower than they were 12 months ago, despite generational lows in interest rates. Prices have also fallen slightly year-on-year in Hobart. Brisbane has fared no better than Adelaide over the past half-decade with median prices below levels seen in 2008, and many regional markets have been in a steady decline for several years now.
After all, prices can only really go in three directions - they can go up, down or track sideways. While mini-cycles may always appear to be taking place, the true nature of a cycle only really becomes clear as it recedes in the rear-view mirror.
Then, commentary subtly shifted towards "prices falling in real terms". And finally, with conflicting market data sporadically suggesting possible strong price growth, it was concluded by commentators that "we should judge on the ABS data".
As the market bottomed out with moderate falls through to around May 2012, the predictions once again gradually shifted towards "price falls in real terms", and finally news articles are now surfacing by the week belatedly predicting new record market highs.
That's a troubling figure which the average Sydneysider might take half a working lifetime to save in today's consumer-focused world.