In a recession people lose all their money. Thats literally why things might get cheaper, because no one can afford them.
As we have both said - the poorest are hardest hit, being the most insecure with employment. Consuming their savings degrading professional networks and connections, even falling into poverty.
In short, if you cant afford to buy a house now, it will be much more difficult to during or following a recession.
Buying power per dollar may increase, but only wealthy people have any dollars. Thats why this type of financial downturn is when wealthy people consolidate their positions and buy more houses et cetera.
As an aside, if property in Australia reduced in value by half, we would probably be a failed state. I dont think our various institutions both public and private could navigate those kinds of catastrophic losses.
Sure but a “reset” implies everyone starts over.
In a recession people lose all their money. Thats literally why things might get cheaper, because no one can afford them.
As we have both said - the poorest are hardest hit, being the most insecure with employment. Consuming their savings degrading professional networks and connections, even falling into poverty.
In short, if you cant afford to buy a house now, it will be much more difficult to during or following a recession.
Buying power per dollar may increase, but only wealthy people have any dollars. Thats why this type of financial downturn is when wealthy people consolidate their positions and buy more houses et cetera.
As an aside, if property in Australia reduced in value by half, we would probably be a failed state. I dont think our various institutions both public and private could navigate those kinds of catastrophic losses.