Why would anyone buy a home in a mass metropolis like Melbourne or Sydney on nine times their wage, which it appears may disappear along with white collar jobs and the manufacturing industries in these two cities.
Don't think it could happen?
Check Detroit.
Think Detroit is far removed from Melbourne? Check the Melbourne population decline between 1989 - 1993. Net population decline............will it happen again? Well if the car, government and banking jobs go what is Melbourne other than a retirement village for baby boomers with enough cash to go to the theatre, eat out at Florentinos and buy a pie at the footy.
Let's face it. Most of the jobs in Melbourne are over valued and overpaid. If ANZ, Telstra and others can send their jobs to Manila so will other Banks, car manufacturers et. al.
