Personally, I think the Sydney house prices are about to crash, and are already crashing.
Having lived in the UK and seen how expensive house prices got and then watched as house prices levelled (because it was unsustainable) and then eventually dived, its like living in de je vu.
It took 5 years to sell a house for the same price you bought it.
A cheap 4 bedroom house is well over a million dollars now in Sydney, the payments on a million dollars per month is over $7000 per month. most people cannot afford that.
I have seen multiple auctions in my area where nothing gets sold.
On top of this the interest rate has just been increased by the banks as they are aware of this growing risk.
On top of this the bigger banks are insisting on 20% deposits - which means they are scared. A storm is coming.
Sydney's house prices are so far out of reach that my mate who sits next to me, who is 35 years old, has a senior job in IT, has told me he has no hope of buying a house for his family. He has literally given up.
If guys with good six figure incomes are no longer able to buy houses, something is about to crack.
The housing market is going to fall and fall bad.
Purchases have slowed down, sellers are starting to struggle to get buyers.
Once the buying market get wind of this the market will fail.
Add to this the falling Australian dollar... watch the carnage folks!!!
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