It's difficult for me to understand why people would wish the property market to collapse.
Either they hate the country or are plain mad.
Because a property crash will cause a lot of suffering: destruction of wealth, loss of jobs, recession in the economy, etc.
All this would even cause some severe mental impacts on people and result in loss of lives.
Property market is different to shares, whole industries/people's life savings/etc are tied to their houses.
Just think about the old couples living on your street, they may have reverse mortgaged their house for retirement income since they missed the superannuation scheme. A property price crash may destroy their lives.
I do agree house prices are too high at the moment, but I would never hope for a crash for the fears of the damages that would bring.
Hopefully there are rational people out there making policies that would ensure a soft landing of property prices. A drop of 10-15% followed by a period of consolidation while wages catch up is the best outcome.
