I'll just add...
If you bought over 5 years ago to occupy, you're on giving back some of the gains and you're not worse off.
Keep paying and ride it out.
If you're an investor and have leveraged the gains to buy more properties, then your losses are compounded and chances are you could find yourself with negative equity big time. Just like margin lending with shares.
Also forgot to mention that banks are also now conservative with valuations.
One of the main reasons why Auction clearances are low is that buyers are afraid to sign unconditional in case the valuation doesn't stack up.
If you bought over 5 years ago to occupy, you're on giving back some of the gains and you're not worse off.
Keep paying and ride it out.
If you're an investor and have leveraged the gains to buy more properties, then your losses are compounded and chances are you could find yourself with negative equity big time. Just like margin lending with shares.
Also forgot to mention that banks are also now conservative with valuations.
One of the main reasons why Auction clearances are low is that buyers are afraid to sign unconditional in case the valuation doesn't stack up.