I take the point that an asset price that runs hard has a high probability to be sold down HOWEVER, a house is a different kettle of fish. How many times have you heard your wife say:
I wish our BHP shares were in a nicer suburb I'd take a second job to hold onto our BHP shares I think we could add 25% to our BHP shares if we put in another bathroom Our BHP shares are near the best schools How come the Joneses can afford better BHP shares than us
The point is, buying a house as an owner occupier is based on emotion rather than logic.
If the investors loose interest, the backup is owner occupiers who are gagging to get in.
Unfortunately if you dont have a house now you are facing an uphill battle even if prices come off a bit. Just think New York to get an idea of what will happen.
ASX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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