There will be folks sitting here in 10 years time saying how inflated the housing market is...Jesus!
Just like there were after GFC....people talk as if every house owner actually has a mortgage...or is mortgaged to the hilt, and the stats just don't show this.
The % of distressed owners that you guys are talking about is minimal compared to the demand.
Reality is that Australia is expecting +35m population in next 20 years.
We live in one of the best countries in the world and post Corona, even more wealthy Asians will want to come here.
PS: recent buying in metro Melbourne has been from ex-pat Aussies who have moved their families back due to Corona. There is a new transient crowd who now want to move back permanently.
Guess what: they want to be in metro areas next to good schools and infrastructure...not 60km away in new estates.
Lets see how it plays out, but attending auctions in inner north east Melbourne the last two weeks...there is latent demand that just keeps snapping up places, even at the $2m to $3m range. These folk do not need big mortgages....and the sellers are not distressed, happy to keep on market until they get price they want.
I just don't see the crazy drop people are forecasting.
