We are on the cusp of a full property melt down., page-34

Interesting
IMHO --- The land is horribly expensive, so the finished product is also too expensive and as such it does not need a downturn to go bad.

The homes are just as costly as many closer in better areas with facilities and transport, so why would people buy them anyway ?

Answer ----- Easy finance --- dodgy loans --- buyers who don't know any better

In the USA similar type areas were bulldozed after the GFC. Whole suburbs, hundreds of houses

So how much of the trouble is due to the economy failing, the bubble bursting or just plain bad business in the first place to even build them

Be interesting to see who bought them?
What sorts of people and jobs they had, did the government have any financial input ?