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Why did property prices never went down in Australia in recession?
Everywhere in the world including US, India, UK... property prices dropped to half of what they were back in 2006 or so... In some cases, the prices went even 1/3rd of original price... Why haven't we seen a big drop in prices in OZ?
2 Answers
- knowitallLv 71 decade agoFavorite Answer
Probably Australia was too smart to let people buy a house with nothing down and finance 125% of the value on a mortgage that would go up in a few years to an amount that the homeowners had no way of paying. That Gem was Bill Clinton's idea so everyone could have the "American Dream" even if they could not afford it. Thus now we have the American Nightmare.
Of course the Dems blame Bush for it.
