"The whole Oz housing bubble was fuelled by investors or speculators (not by first home buyers or up-down trading dwellers). Hence, the fate of the Oz housing collapse is a function of the behaviour of speculators going forward."
For sure - there will be many casualties across the whole social spectrum.
In the 90's & 2000's middle class OZ got into property speculation en-masse.I remember the office buzz about negative gearing among the more senior and financially established people at work in the mid-late 90's (were in their early 30's). It was like this shimmering rainbow had suddenly appeared and everyone wanted in on it. That illusion has persisted for a long time now - it's become entrenched within a generation. And while some of the new ones are infected with that illusion - more and more are shunning it. Good news.
Been interesting of late talking to my parents and their friends (war babies late 1930's-early 1940's). They have been on this incredible magic carpet ride for the last 15 or so years - now finding that in retirement they have these $million+ assets, but increasingly can't manage the rates , maintenance and other living costs without help from the kids. They don't want to sell - because they are elderly and it's their home.
I think the $$ signs are quickly fading with the onset of cataracts!
