Not really mate - what happened was that money was lent to people who should not have been allowed to borrow, these mortgages bundled up, given good ratings and swallowed up in their country of origin - the US - and by financial instrumentalities everywhere , however we being small players have a limited exposure - more by luck than design - most people don't understand these repackaged products.. Dumb Greenspan then set about raising rates and that with time did the rest. I guess we are lucky we had limited exposure and a resources boom plus recours on loans and a strong banking sector.
Our property market is not exposed to these practices, is undersupplied - and if it does go down some there are many ready to buy - plus we are heading into a lower rate regime.
If we were going to get hammered the evidence would be there by now and it just is not.It would have happened by now. Been on a property fishing expedition and good buys are there but there are very few real bargains. Best way to assess is going property hunting - tells the true tale.
