It will depend on income and rents. If you believe that income and rents will fall by an average of 20%+, then we could see 1997 prices. I think we might see residential rents fall by 10% – which would be more than double the decline from the early-90s – from the peak when all is said and done. So, I think it’s unlikely that we get back to 1997 prices. But certainly not impossible.
