The market here and in the US, Uk & Canada is a repeat of about 20+ years ago. Droves from overseas were walking away from their homes due to the the money market. Interest rates 30+ years ago here were 17+% and it was hard paying off a house on those rates. It took a few years to turn around and for interest rates to drop.

I think in the next few years we will see the same thing happen here again where prices rise and jobs are few. Things seem to go in circles. As there is talk of interest rates going down in the next few month and stamp duty changed you will see more buyers around.