A lot of people can't fathom that you can buy property and sell it years later at a lower price, not even counting fees involved in the sell & buy process.

For better examples of this, just consider that in the madness of the 2021 property bull run, properties in Perth were still being sold below their sale prices in 2014...

Another example is people who buy apartments off the plan in an area that then becomes an apartment jungle. Simple supply and demand economics mean most people who want to buy in that area will just go the cheapest one possible, especially as they all will rent at an extremely similar rate, despite some of the apartments costing an extra 50k to build (and which COULD be much better quality).