I believe the housing bubble has been fueled by two things only. 1. Wealth coming across from the stockmarket and 2. investors buying every property they can under $500,000 with nothing down, creating shortage of supply.
Note that is one inner suburb of melbourne there are NO properties for sale under $400,000, and while it's a fairly well-to-do suburb, it's not Toorak. The moment anything comes up...BANG....another investor. Home buyers don't get a look in. It's all over very quickly.
next to crash will be housing, page-22
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