I agree with you 50% drop in house price is wishful thinking by many but if were to be then they will be snatch up by the speculative investors and Asian buyers and up goes the price. But I doubt wage rise fir average joe will be good idea it will make many of our industries uncompetitive as many already compare to cheap oversea imports. Inflation will be one of the key trigger for a substantial correction of about 20% drop in house price. Inflation imho is the key here and it is already happening but its impacts on living cost have bite in yet. Just look around fuels and electricity went up transport cost and eating out went up service and fee up too about 10 -15% already. People with debt will increase their service fee to cover for the cost of servicing their debt amd our nation private debt is huge.
Sydney auction clearance rate already low for spring which is best time for selling with 67% in last 2 spring weekend. It may already begin.
