[immy21]

With the UK housing market grinding to a FULL STOP over the last 6 weeks (i'm an Estate Agent, to qualify that remark.) I was wondering what is happening down under and it is a relief to see the same thing. So we all should 'sell low and buy low'

Read this
None of this is good news for the property market. But rather than focus on our own little bubble, we’d like to take another trip Down Under this morning, to find out what the state of the Aussie housing market can tell us about the future of our own…
Many people thought the Australian housing market had achieved the holy grail of a ‘soft landing’. But that‘s looking more and more like wishful thinking. Stories are emerging of negative equity and of houses in Sydney being sold at well below prices fetched in 2004.
One particular tale that has been enthralling Sydney-siders is the story of a house in the city’s western suburbs. It was bought for A$450,000 (about £180,000) in 2004. But the unfortunate owners ran into trouble making their mortgage payments, and the home recently sold again - this time for just A$260,000 (£104,000), a 42% drop over two years.
That’s pretty hefty. And so compelling was the tale that the Sydney Morning Herald recently revisited the street to interview neighbours about their housing plans.
Unsurprisingly, most are planning to stay put. Several have had valuations from estate agents that have put their house price below what they paid for it.
But what was far more telling was the way the residents were talking about property. Here’s a quote from local homeowner Judith Marshall: “Our house was valued two years ago at about A$330,000 [£132,000] and since the market has come back we’re thinking it would be about A$300,000 [£120,000], maybe less. Bricks and mortar is supposed to be the most solid investment of your life, but for many people these days, I think you’re better off renting.”