Interest rates may of been around 14% but I remember just before paying 18% on a $80,000 loan that nearly killed me back then, all this occurred at the beginning of the 1990’s , it was a long time ago but we are due another property smash and global rates are looking to rise, we cannot have low interest rates in Australia and high rates elsewhere in the world as it causes capital flight and the economy implodes, normal interest rates hang at about 10% so this indicates the property market is way too pumped with cheap debt money, when interest rates rise it going to go down hard. Over a sustained economic downturn do not be suprised if we end up 60% down, be very wary of a long term crunch. Unless we raise immigration but then propping the property market will end up making us like a third world cesspool, crashing economy and massive unemployment and a huge amount of people going back to their country of origin. Imho.
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