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I'm quite pessimistic about the prospects of capital growth in Australia for the next 5 years or so (at least), and I do think our prices are still a bit too high, but I don't think we'll see absolute drops of any substantial size. There are several reasons for this, but here are my two primary...

I would agree that the market is not strong now, and not likely to be strong for the next couple of years. But such arguments seem to rely on two flawed assumptions: 1) that market growth's the only or primary source of profit, and 2) that you can decide to buy into a particular deal at...