housing survey

The facts are, housing has increased 150% - 250% in 8 years well above the inflation rate of 2 - 3%

wages / material costs / population groth has not gone up to match

America is ahead of us in the housing cycle and is at a 10 year low for house prices

Subprime credit problems is knocking on into Australia and upping interest rates here

As interest rates go up, people will be forced to sell their homes and investment properties, and new buyers buying power will be dropped and not able to afford what the previous owners paid.

As such who thinks the housing market will have a price correction in the next 2 years as the rates continue to climb and how much of a drop do you think there will be?

I say it will drop, and i say by 30% - 50%

Whats anyone else's thoughts?