I feel we will continue to slow down until the next interest rise which will substantially increase momentum of the sales.
At this point i expect more people to begin to more thoroughly analyse their debt position and the continued rise of day to day living expenses. This will ultimately make them realise that further rate rises will make servicing their debt impossible.
Then, as more properties hit the market the prices will be driven down as people try to exit the market, but, at this point it will be too late for those with large debts and they will be forced to take a lose.
Looks to me like prices got way ahead of themselves and some people have just got themselves in way over their heads with debt.
Bring on the next interest rise or two before Xmas and lets sort this out.
