Housing, page-425

Thanks Keffola
Yes, your right. My experience was between 10% to 40% falls in the worst case. I guess that's why I found the average of Corelogics charts questionable - for Melbourne, at least. Still do. Queensland was even worse (had an agency there too, during that period). You have to keep in mind that figures from that period (91-ish and before) were not collated on any computer database, and for Corlogic to have derived those averages it would have to of been downloaded from hard copy. A monumental task, which would have required a team of data-entry people years to accomplish at unimaginable cost. So I suggest that they may have taken limited examples to derive those averages. Working at the coal-face I saw high unemployment (11% from memory) and extreme hardship, with mortgagee sales in abundance. And it all happened very fast; no one saw it coming, and few had time to prepare. Could it happen again? - of coarse. But I don't see it yet. To repeat the same, or similar conditions, interest rates would have to increase by 2/3% and unemployment double. The one lesson I learnt from the late 70s crash was to always expect the unexpected and never put yourself in the position of overleverage. The economic world has always been a fragile place, and always will be.