As long as the banks don't start making margin calls on home loans, things should be ok. If they do, considering many Australian consumers are stupid enough to spend equity, then there could be a roller coaster ride coming up.
I don't think banks will though, they'll tolerate negative LVR's to avoid this happening like what happened in Detroit.
That could however flatten out house prices for quite some time. Flat house prices in itself can cause issues though.
As long as the banks don't start making margin calls on home...
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