cant agree with that helium. price rises australia wide have been driven by highly leveraged speculators who rely on credit growth to continue increasing at the same sort of rate as it has in the recent past. this is exactly why stagnating credit growth (does not even need to contract) can effect property in a state where population growth is strong, earnings are rising and fortunes are being made on a daily basis.
if its canny buyers then how come there's 17500 properties listed for sale. those figures look more like distressed sellers to me, who cant find the next round of even more leveraged buyers to continue the pyramid because banks have made a small change to lending standards and interest rates have risen a bit. the whole thing falls over and becomes self perpetuating once it starts. only thing that will stop it is some sort of government intervention, just as the FHB boost did when credit growth contracted during the GFC.
