I would agree with 2004 being the peak. People were still buying but the underlying trend was that resales were harder and harder to achieve – people who bought off plan with the sole intention of selling on at a profit were finding there were no margins as existing off plans were not selling as easily and started to be reduced.
In 2003 many complexes were completing and suddenly there was a glut on the market. Too much supply overfacing the demand.
The valuation companies have always been a couple of years behind, especially as they dont work to actual selling prices