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I think our structural points are near identical. Massive consumer debt run up - many people buying housing assets as a gambling chip rather than a home. We'll see - I think the trend down will continue until sensible prices return.

This whole per sqm discussion is pointless. There is far more to a place than simply sqms - it is the environment, the neighbours, the facilities, the convenience etc. "Housing" is the whole deal. Bottom line is a typical home in Japan albeit a different "typical" to us went up in price way...

Comparing average wages and high end property is stupid (think we agree on that). It's also stupid to compare high end wages and low end property and claim that it is "affordable" (a common argument around here). Bottom line is somebody actually has to have the capacity over their lifetime to...

Desperation The smell of desperation is strong

The bit that is rubbish is the causality (or even a correlation) - there isn't any. I retired debating this stuff with you a while ago because typically you keep moving the debate just a bit off centre everytime - somebody says that their is no relationship between variable A and B and the...

It's different here US, UK, Ireland, Spain, NZ etc had a debt fueled property bubble that is unwinding in a big way. It's different here though.

I can be very confident you haven't done economics 101 so I'm surprised you know what catchphrases exist in those textbooks. The reality is most houses don't sell every month. Only a small percentage of the stock sells (hence "at the margin"). And they can easily be dominated by IP owners...

Trouble is Shadow that prices are set at the margin - the majority doesn't matter. The marginal seller will be a bunch of people with IPs that don't need them for their own personal shelter and have no reason not to sell them.