Ms Marie Hunt:

As I showed in my submission, the downturn was much more severe than that, but it was a totally unanticipated outcome because in every other cycle for which we had data, values fluctuated. They fell by up to 30% in some cycles and then went back up again. They actually fell by somewhere between 57% and 60% peak to trough according to the Investment Property Databank, IPD. The downturn experience was much more severe but no one could have anticipated that because based on the information we had at the time, it was just not on the horizon.