"Im forgoing the rest of the boom over the next year or two, in favour of peace of mind".
If you are so confident that the boom will continue, why sell? You will have better piece of mind with an extra 30% added to your sell price later on.
"While interest rates remain low, the repayments are a big % of the gross income because house prices are so high.
But dont wait for prices to come down. My experience with bubble bursts (I was in real estate after the 82 boom and 87-89 boom) is that the majority of people will not drop prices. Ive seen prices drop by 5-10%, but thats about it".
Repayments (as a function of earnings) are much higher than the 82 and 87-89 boom so why do you think history will repeat itself again in a bust situation? Just like booms can go longer than people expect, why can't busts go longer as well?
