Australia is not alone in the housing downturn; New Zealand, and particularly Auckland is soft as well.

The three largest listed village operators have each been hit. Over the past 12 months Ryman is down 19%, and Summerset and Metlifecare 17%.

For Ryman, the clear market leader, its exposure to the Melbourne market is cited by analysts. Summerset has been in Melbourne for 12 months looking for property with no purchases announced to date.

No. 4 listed operator, Arvida (founded by Australian village expat Bill McDonald) has bucked the decline trend, maintaining its value.