PJ77 - what to you believe to be a realistic value?
Bit like the price of fuel, govts posture over it , but a large amount is driven up by their tax grab. If you look at the cost of established or new houses a large amount of any transaction has been increased by the tax taken by one instrumentality or another sad to say.That has risen sharply in the last decade. Even if there were a drop of 20-30% a first house is always, has always been difficult.
Stockmarket this year alone is purported to between 15 - 20% lower and heading south. Those figures are not disputed. People in financial stress, not mortgage stress, I wonder about Mark Bouris' motive, the industry that created the sub-prime situation mind you, he should desist from offering his bit if he had any integrity, is he trying to make his next dollar or getting cheap publicity to help his ailing organization.
Those leaving the property market should get independent advice, speak to parents, try to hold on if they can,sell the car and get a cheaper one, goodness knows many of us have had to do this, because sad to say when it all settles lo and behold they need to get back in and the costs to reenter will again be higher. That is just how it is.
