Anybody who bought 20 or 30 years ago wont be too badly effected (unless they tapped their equity),it is the people who bought into the boom in recent years who will pay the price of this downturn.
Cheap credit coupled with slack lending practices allowed people to over extend themselves.
The market has changed dramatically in the last 6 months.
Take a look at Western Sydney,thats what is heading towards the rest of OZ.
