The problem is a lot of places around Australia did not go up with the "up" cycle. So if there are banking restrictions and everything drops then they are getting worse.
I personally know many people in all sorts of areas around Australia who bought their houses 8-10 years ago and they are worth the same or less now. Yes others in Sydney seem to have made quite a handsome amount as well.
I guess that's the problem of the housing market, its so different depending on where you live, however the tightening of credit will affect all of us, it just depends if you made lots or none in the "good times:.
