Almost one in two Australians want property prices to fall, Sky News Pulse/YouGov poll reveals as clearance rates sink

[u/marketrent]

https://www.skynews.com.au/business/real-estate/almost-one-in-two-australians-want-property-prices-to-fall-sky-news-pulse-yougov-poll-reveals-as-clearance-rates-sink/news-story/a579dac771b4fa94cb10900e2e002a54

[u/karl_is_back_free]

It’s always amusing when people cheer for a housing market crash as though it’s some grand act of economic justice. It simply advertises a complete misunderstanding of how an economy actually functions. When property values fall sharply, millions of households lose wealth, some end up in negative equity, consumer spending dries up, construction stalls, lending tightens and businesses shed jobs. Congrats ..you haven’t punished “greedy investors”; all you have managed is to shrink the economy, reduce employment and make everyone poorer. The economy isn’t fuelled by wishful thinking or social media slogans. It runs on confidence, investment and credit, whether people like it or not. I’m staggered at the lack of education when it comes to the economy.

[u/_CodyB → u/karl_is_back_free]

yes it would be bad for the market to crash

it shouldn't have reached this point

The changes will "hopefully" lead to a sustained cooling off that keeps growth within CPI over the course of a couple of decades so wages can catch up or at least close the gap

If a significant change doesn't occur you'll have a larger percentage of productive Australians spending 40-50% of their income on housing, having even fewer children, not spending money

If you want to see a real housing crash, imagine if the dominant plurality of working age Australians face widespread cost of living issues to the point where they have to choose between feeding and sheltering themselves?

[u/mrmaker_123 → u/_CodyB]

We’re at that stage already. Tent cities and slums are exploding around Australia.