Timing a correction in any market is near on impossible.
Fundamentals for property are at their worst possibly ever in Australian history with Australia said to be in the top 4 worse affordabile countries in the world. This being based loosely on wages and rents. Many say this is a new paradigm as they do in every bull market. Sure property is a dwindling resource but what isnt...and to say most our land is inhabitable... how do they build a satelite city like alice in the middle of the country...the coast line of queensland alone is something like 8000 miles...we could build cities all through the top of the country..there are ports and rivers everywhere The OECD has said our property is around 50% overvalued for the last few years so essentially to get back to fair value a 300k house needs to drop to 200k ...a 600k house needs to drop to 400k etc etc...remember this is just to return to normal levels not undervalued.
Finally a good analogy i heard recently was the property market, like any market that splits from its fundamentals is similar to a motorbike rider driving through the city. We know if he rides at 100kph through the city he will crash...might be today...might be tomorrow might be a year if he's lucky...just a matter of time But to be able to judge on what day he will crash is impossible... but we do know he will
