It's been doom and gloom for 2 years and the economy was flying for half that period. Now that it's faltering( another 160 trucking jobs in Melbourne's West this morning) after the 600 Optus jobs yesterday and the 400 Qantas jobs the day before.
Some catch on a little earlier than others.
You're not going to wake up tommmorow morning and see the $700k house you want at 600k. This will take a period of time and its begun. Australian property is a cultural love affair, we treat our homes like trophies, a sign of how well we're doing, it's a social status.
Like if you drive out to Springvale in Melb's SE, it has a large Asian population, they will live ten to a house in a cheap house but drive a Merc. The car symbolizes how well their doing.
Or go over to the next suburb Keysborough or Noble Park where there's a large European population building 50 sq homes with the best of everything on the cheapest and worst piece of land they can find. It's not about the land it's about the size of the house. The bigger the house the bigger the wallet. A cultural thing.
