Zekane. This friend of your have no knowledge to his finance,- they over capitlise. How many of your friends you know of need to sell his house or investment property because he/she lost their job?
I used to work in the Oil and Gas Platform. There are about 40 of us working on the vessel. Like in the mine we are paid top $. There are only 3 of us are property investors(own more than 2 investment properties); 2 of them own 1 investment property plus their own house; about half of them own their own house and most of them have fully paid off their home; the rest are renter.
At the last Federal Election, I remember the Gillard promise to bring in low cost housing and make it affordable for everyone. "Aussie Dream of owning our own home come true" Did the price of the house drop when the announcement was made?
Those top end of the housing price ($2M+) might drop but not in the medium to lower end. The cost of labour and building have gone up and don't expect the price to drop beacuse of workers been laid off.
