Pray tell what happened to the extremely high Japanese demand? Entirely gone now - not just down a few % or 20% but entirely gone.
High demand today does not guarantee high demand tomorrow. So many instances of this in history it is not funny. Beware your assumptions giving you psychological comfort....
Credit card debt in Australia continues to mount as reported today. The demand keeping those jobs for now is not sustainable. Built on a debt illusion.
Just like Tesla's sudden reckoning of demand falling off a cliff the demand destruction will occur when debt limits are reached and rents being too high exacerbate this. Then the jobs go in escalating numbers just like Tesla and Starbucks. Most don't see the pendulum pause and change direction until it is too late. Your excuse of overseas is a Furphy. If one looks one can easily find hundreds of bankruptcies and jobs being lost here as well. Restaurants are your canary in the coal mine to make it easy for you.
On reversion to the mean - I suggest to you before too long you may find buyers who can pay current prices a little hard to find. Those getting massive HECS debts plus credit card debts won't be buying a house. Many of the young have totally given up in buying a house. More future demand gone.
As more and more older women become homeless the lifelong impacts on women of feminism may start to be realised by a bigger % of the population and the appeal of working and being independent women rather than a trad wife may change. More fun and freedom in the 20's and 30's resulting in no children, no marriage and no one caring for them at all from 40 onwards until death may be seen for what it is. Unwise. When that truth dawns on more people there will be less 2 income households and prices may heavily fall back towards a ratio of just one income as before. There's your >40% fall right there.
Germain Greer shouted from the roof tops about what she could do as a single women ( me me me me )but we don't hear about how she is now in assisted living with no one at all caring about her as she has to pay for that privilege. No 'we' is unwise in the long run.
