"U guys probably wouldn't remember that around 1989 interest rates were 18% and when u couldn't pay up on time penalty took it to 22% Sent nearly everyone out the back door!!"
Yes I remember those days, was painful but most had plenty of equity and rode it out.
This idea that property will crash when interest rates rise is pure speculation, only people that will feel the pinch is those with very low equity who have borrowed to the limit. ie not that many.
Average person has a decent amount of equity and if it's there home the idea of selling up would be weighed against the cost of selling and the need to rent if they do, most will just find a way to cover the higher interest rates as we do.
With the current low interest rate most people would be taking advantage of that to reduce the principle on their loans which will help minimise the impact if/when interest rates rise.
The only reason we could have a big crash in property prices is if their was a mass exodus of population which would reduce the demand for housing, IMO that is not going to happen any time soon
