Admittedly a fall in interest rates imo is not designed to stimulate economies as much as to help people keep their homes.
That said, why on gods earth would someone on a $60k salary purchase a $500k property? Is it because they want too much? What about settling for something that costs half as much and getting something for $500k when they can afford it?
I have friends earning 3 times that who spent under $500k on their first property...you have to adapt with the times. If prices comes down 30% sure, but while they are high, you'd be crazy to do that.
