When we have a market place like this, where there is more a flat spot, slight correction in the market, with the very strong likelihood of a rate cut next month, nonetheless there is light at the end of the tunnell, out come all the commentators with their rhetoric about the US, UK etc etc. Just do not see the relevance - our wages and standard of living are very high as is our welfare and medicare system.
All having a field day with the word affordability. If the incumbents remain in power for more than one term they will rue the use of that term because it is a furphy.
Sydney has had a massive price and languishing until others catch up, Perth has gone up - will languish. Adelaide will climb as will Melb until such time as they reach their historical balance. They will all have , or will have had their boom and settling in period and then hold until wages and earning capacity catch up to so called affordability. That is historical. Stick to what happens here time and time again.
Property does drop marginally from time to time but invariably does not plunge but goes into a holding pattern until affordability improves - and each sTate is a case by case situation. Since when has the Australian market ever taken its lead from the rest of the world AND WHY ASSUME IT WILL NOW.One economist gets on the bandwagon and they all follow the pied piper and 99% of the time are guessing .
