High level hunch is that house prices are likely to stabilize and may even go back up a little across the country. That said, my emotional desire is for them to (continue) to fall because frankly house prices I feel are still ridiculous.
Sensing there is still a lot of FOMO (Despite recent price reductions) along with excess liquidity in the system and a lot of people “waiting”. This “system” seem to have an insane fascination of rewarding property investment instead of those investing in productive enterprise / endeavors (including paid employment) and I state this as being a Landlord myself.
Without wanting to sound conspiratorial, I will admit to having some personal concern we are perhaps sliding into some sort of neo-feudalism longer term as wealth inequality continues to accelerate unabated and unchallenged by the ordinary working class.
Will further admit that I’ve lost faith that I can single-handedly stop or meaningfully influence (by rallying up the populous or otherwise) this turn of events. In the meantime all I can do is continue to air my concerns to those with a modicum of power in a vain attempt to see change.
Addendum 6th August 2023: Across the ditch in Reddit Land in the Australian Sub-reddit, There has been increasing amount of discussion regarding the effects of economic inequality where people, especially younger people are losing their respect towards the ‘system’.
“For a lot of people, even if you work hard, live modestly, and try to be a good citizen, you’re seeing your purchasing power go down steadily over time due to inflation and stagnant wages, you can’t afford to go to the dentist, and you will never qualify for a mortgage on a house within reasonable traveling distance from your job in Syd/Melb/Bris.
I’m honestly surprised there aren’t people throwing rocks in the street.”