japan is another kettle of fish and has a structural problem of negative population. Being xenophobic, there is no immigration and due to low birth rates, population is falling. We have the opposite.
Agree though if the economy does collapse and this is another issue for another thread then more price falls are expected. however, if you look at the Hong kong market and the collapse there, many homes sufferred negative equity yet the majority of people continued to keep so long as they could pay the mortgage. It will come back to interest rates. a further drop should put an floor, albeit artifical until the economy gets better.
And for those wanting the economy to get worse so they can buy property cheap, then if we see 40% accross the board and failures everywhere, buying property wont necessary be the way to go. The professor Keenes of the world, even after things have dropped to their expected 40%, arent the types to bye. all talk no action
If you are game and want to take a risk there are quie a few development properties, partiuclaily in sydney that cant be offloaded. they produce no income so the owners are being stretched. once things turnaround, should show big gains, but given the way the NSW labour party is dealing with its problem has increased the taxes on properties, thereby making them less attractive.
