I was saying the same thing myself a few years ago Martis , thinking that the property bubble would sink the banks .I thought it would happen before 2007 and when armageddon finally occurred it didn't seem to hit here with anywhere near the expected force.
I keep waiting for the shoes to drop but there's still plenty of interest at every auction I go to ( I'm in Melbourne )The difference between here and the States is that the banks here have the buyer trussed up .It's not that easy to get a loan anymore ,for anything really .The other issue is that the banks here have had 4 years to work on the issues that potentially brought them to the abyss .One would hope if they've got any sense that they'd have worked their way through that .
So yes ,I am a property bear but I'm not convinced that further falls will be as bad for the banks as they potentially could have been
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