However this time a few differencesNo - Perth has not stopped falling - it is still falling by a large number (another 0.6% in the last month alone, that's a terrible 7% annualised fall still happening).
- Perth started it correction 2-3 years ago and mostly done...
And as for Sydney and Melbourne being a slump that was "needed", you still don't appreciate the ultra-slim margins by which many leveraged property investors are holding on. And Sydney has fallen by 6% in the last 12 months, you are under-estimating the scale of the falls - many people might be presently hanging on with 90% LVR's - all it will take is another six months of falls and those people will be under-water in negative equity.
Don't listen to Ross Greenwood or any of the other "experts", the banks are in a helluva lot of merde as their plummeting share prices have been spelling trouble ahead - the stock market knows full well that there's bugger all contingency funding. Don't believe me? Keep watching - this thing is unravelling as I type.
This will help you quote accurate figures in the future.
Perth - Terrible, not really. WA went through a major mining project boom that has now passed. Correction is also "needed" to remove the excessive price rise, mostly done, maybe more so. Probably not much more in it, just need population to grow into their housing market. Same happened to Gladstone Qld. They survived, so will Perth.
Listing to Ross Greenwood, they rattled off the states, the numbers on these ultra-slim margins are not that great. Most provided they sustain their income will ride it out, being under water in negative equity is not the end of the world, happened to me in Tassie in late 90's. Bought a house at $56k, paid it down to $38k, went to borrow some back to buy a block, was told its worth $36k 3 years after I bought it. We survived and I still bought that block and still own it, its price has also gone up 400$ at one point within 10 years of buying it, now back to 250% post boom. Sold that Tassie house at a 33% loss, lesson learned! As I said before, same here also in Dubai and obviously WA and CQ.
Ross Greenwood and industry guess list obviously has one view, people here have their own view, some are not aligned. I know who I trust more, but keeping both eyes open at same time.