housing to crash again..

no where is the world do we have an insane system like this. the value of sydney property is beyound nutsville. it has to keep dropping for about the next 4 years to even get close to historical valuations. people are borrowing to pay stamp duty?????? the rate environment is bias to rise and the tax system is doomed. buy a property at your own risk. its stacking up to the be the undoing of Australia's economic miracle IMO. The shear level of debt and the amount of time its taking to pay these prices off willl take its toll on growth. it does not add up. I am seeing houses where i live selling for under reserve and taking twice as long to sell as they did in the boom. People will get sick of paying this sort of money off and it will gather pace if we get another rate rise. Even mac bank reckons its 20% above reasonable levels.good luck if your debt ridden. smarter people than me are writing about a further drop of between 10%-15% and it a lot of cases property in NSW had retracted by around 17% from the peak. I dont think all australians will keep smiling while they cop the pain of the next rate rise and see their property keep dropping off in value. its a con job.