The Herengracht Index[around 6 in Oz... elsewhere in the world,it's around 3] shows that ,as a result of a bubble, average Aussie home prices are one of the most expensive on the planet In Adelaide, where historically, house prices NEVER fall[at worst stay flat sometimes for years],there is currently 6 months average sales supply of houses on the market and prices are coming DOWN...This is UNPRECEDENTED.It is a barometer the rest of Australia should take note of. Thankfully the consumer may be adjusting house prices DOWN to a level of affordability which the rest of the world enjoys .....the bubble has been pricked...LEE
