Isn't price the most basic fundamental of any investment? Sydney prices are still extremely high relative to the ability of Sydneysiders to pay for them. And also extremely high relative to their earnings.Yes the above fundamentals are very much in favour of a boom.
That doesn't seem "very much in favour of a boom" to me, even in the best of times. Instead of the best of times, we're entering the worst recession in living history*. At the same time, the credit rug has been pulled from under the housing market. The irrational exuberance has fled the scene of the crime. The deflation rooster is coming home to roost...
Heh, I'm all out of silly phrases.
* People over 85 are practically, if not literally, dead, hey?