The biggest danger in such a statement which I agree with that real estate will become cheaper. But if the impact on the economy of Australia because of the inevitable interest rate demon that is upon us and if it keeps striking and going up like in America which they are saying will continue then the rest of the world will follow and suffer a recession worse than 1932.
Crime will spike because it is no social secret that the desperation of such times makes way for such.
I feel we are in for dark days and nights for the next 5 years. People don't understand that the rich who employ a lot of people know the signs and get out of any business they own and preserve their cash position until it all passes don't care about the poor or the suffering.
And people with mortgages that had ideas of making millions on the tail end of the real estate boom and who are living on the dream of we will sell and make tons of money will be the ones holding the bag.
There will be a great selling exodus if the interest rates keep heading up particularly if it's considered that it is done in a shorter period.
Scary stuff.
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