A housing crash in Australia is hardly the end of the world. It may be the end of the world to those geared up to their eye balls without any wriggle room and those who have planned everyting financially on the basis that it is impossible for Australia to have a housing crash.
It's just the inevitable basic events that accompanies asset price cycles (albeit one that is very extreme for the boom was fanned and prolonged for too long and with too many participants for it to be short sharp and easily recoverable - the bigger the boom the bigger the bust).
There will be losers no doubt and winners. Some who lose may end up losing the lot and will define the rest of their lives. Others may walk away with a flesh wound or two and will be once bitten twice shy.
For the future generations, it's a welcomed beginning. Affordable home ownership for young people is the basis of a healthy society.
Also precious funds can now be diverted to productive use in business investments.
