Driving extensively across Italy it’s easy to validate an Economist that I met here opinion that the Italian economy is stuffed.
Similarly, you’d have to be living under a rock not to see that Australia’s real estate market is in the 15 to 20% range of a 100% correction.
My prediction is that prices will correct to below the CPI line drawn since 2001and that will be the point at which I may re enter the real estate market.
Example. I sold a small 3 bedroom house in 2002 for $199,000.00. CPI puts this house today at about $305,000.00. It’s last sale was $485,000.00, crazy money.
Expect the correction to see this house in the high 200’s. Then and only then, would I consider buying.