The similarities between Mandurah/sydney /melbourne are the massive exposure that their markets have to the debt funded loans that back their mortgages.
The similarity that Australian people are waking up in the morning pinching themselves thinking,You know what people are a little sick of paying over the top odds, people are sick of being ripped off by agents they are sick of being taken for a ride.
They are sick of the 1m average prices and bid up beach prices all built on a story of broken dreams.
Debt has never been higher, unemployment is rising. The property market is a market like any other.
I think this time around though it has been bowled middle stump. It will be spending a long time in the pavillion.
