The reversing of the “wealth effect” that was the rising prices in the property market has already caused drops in retail spending and multiple retailers going bankrupt recently.
Further property price falls from here will result in loss of jobs in the FIRE industries.
Price falls have been accelerating since the peak in late 2017. It started out slow and now is running at about 1% or more per month in Sydney.
I expect price falls to accelerate further. When it reaches 1% per week, all hell will break loose. Everyone with multiple mortgaged investment properties is going to be panicking.
At the rate we are currently going for how fast the *acceleration* in price falls is going, this may only take a few more months.
