"What I find incredibly bizzare about the remarks from characters like Nigel is that they advocate the government making housing "more affordable" and are concerned about first home buyers being "priced out" yet the very policies they are advocates for clearly have the effect of increasing prices (and thereby making houses less affordable and making it harder for first home buyers)."
I just find it bizarre when one looks around the world how ANYONE couldn't believe our property price falls have just begun.
The writing is/has been on the wall for some time;
The US, the UK, Ireland and Spain have all experienced property bubbles and take a look how they've ended!
Interestingly on the subject of Spain they have regulations whereby when a home is repossessed by the bank and sold for less than the amount oustanding on the mortgage, the borrower is forced to repay this balance.
Different to the US where one can simply close the front door & walk away - no recource loans.
Our banks must surely be sweating razor blades now?
