end of the line for the speculative mania, page-193

For current property owners, rise and falls in property prices don't matter too much, If property fall in value and they want to upgrade or down grade they may get less for their current property but they pay less for the next property.

Apart from places like the gold coast average property has only fallen about 10% when we have had a down turn, most property owners can live with that in the short term and prices have always recovered

It nice to know the value of your home has gone up but what really matters is the amount of equity you have either by paying off principle, capital gains or both

Imagine if around 1990 you borrowed 100% for a $100k property, paying interest only to date you have gone from 0% equity to over 80% equity now.