Incidentally, holding power SUBSUMES things like income, bankruptcies, failed invetments, etc. For instance, if you lose your job, you lose your income, you no longer have as much, if any, holding power. You might then have to sell your property. So, the fundamental and crucial factor, IS holding power...in economics-speak, this is the most parsimonious explanation, all things being equal. Also, I did NOT dispute the fact that property prices will fall...I only cautioned the use of extreme words like "crash"...to me "crash" means a total decimination of value... property prices have to reach near $0psf...while stocks and shares can reach close to $0...like $0.10...property prices are unlikely to be likewise...if anything, the government wouldn't let it... But I'd agree that property prices can dip to relatively low psf...perhaps for prime condos that had been >$1000psf...the price would go down