We are currently seeing many of the same influencing factors as we had in the 2008 slowdown:
- Falling volume
- Falling auction clearance rates
- Rising interest rates
- Rising stock levels
- Same over priced housing (if not more-so)
What saved prices last time?
- Interest rates slashed to historical lows
- FHB Boost - Doubling/tripling of free deposit for FHBs
- Relaxation of foreign ownership laws
Well, rates have been rising again, the FHB boost has been removed and the foreign ownership laws tightened again.
Starting in the June 2008 quarter we saw house prices drop 5.5% (weighted national average, capital cities) over 4 quarters, according to the ABS House Price Index.
How much will prices fall this time?
What will be able to turn things around?
repeat of 2008? what saves prices this time?
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