Sorry, I should add the bit which adds relevance to our property market.
... With so much price momentum
since the
mania began
in 1997 and with low mortgage rates still holding
sway, the surge could persist for a while. Or it
could end abruptly, as it did recently in the once-redhot
Sydney, Australia, residential market, where
real (inflation-adjusted) prices rose 12.8% in
2003 before dropping 2.5% in 2004 and remaining
wobbly ever since.I/I>
