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Mr Watson argues that the BOM's early forecasts in January 2023, before the official El Nino declaration in September, caused farmers to offload their livestock and flood the market, causing prices to plummet.
When we look only at inventory as units for sale, we ignore the potential that many of the existing units could flood the market in the future.
Source: https://seekingalpha.com/article/4583749-house-prices-vs-rents?source=feed_all_articles