There it goes. The Australian property bubble is bursting and it is not going to be pretty.
MB has previously posited an ultimate fall in house prices of 20-30% in nominal terms from respective city peaks over two price fall periods. That could translate to a 40% fall in real terms over the long term.
The first leg was supposed to be 10-15% in short order and the second over the longer term similar as China structurally slowed one way or another. As of yesterday the second leg has been brought forward.