Quote:
Originally Posted by MercuryT
I think housing prices will fall.
% depending on where. I can't see an increase.
That's why I sold as I can't imagine my house being worth more in 12 months time than now.
I may be proven wrong.
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I think you are on the money and right to sell when you did.
Our housing market and by extension (no pun intended), the Australian economy was supported (propped up) by immigration.
Immigration is over for the foreseeable future because of closed boarders due to Covid 19.
No amount of government stimulus can replace the demand for housing created by an increasing population.
It shows what a ponzi scheme it was to relying on ever increasing house values to keep the economy a float.
It would be great to have visionary leaders that took the chance now to create a more diverse economy. We could manufacture great stuff the world wanted!
Unfortunately I believe our elected representatives will wait until international Covid restrictions ease. Then we can increase immigration to levels that will drive demand in housing to drive prices up again. And we can sell what we dig out of the ground to try and get back to where we were.
In the mean time, house prices are going to take a hit.
IMHO