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An interesting article in http://www.moneyweek.com is predicting that Australia’s highly inflated housing bubble is about to crash, even mentioning by as much as 60%
It seems that many countries consider that inflated property prices mean a healthy strong economy, they seem almost totally reliant on ‘higher property prices mean people are richer and will spend’ when in fact these high prices an individuals’ wealth are purely a myth 🙄
This mineral rich country has succumbed to property inflation as the ‘be all and end all’ of wealth methinks rather than their natural resources and Koalas 😯
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@angie wrote:
An interesting article in http://www.moneyweek.com is predicting that Australia’s highly inflated housing bubble is about to crash, even mentioning by as much as 60%
It seems that many countries consider that inflated property prices mean a healthy strong economy, they seem almost totally reliant on ‘higher property prices mean people are richer and will spend’ when in fact these high prices an individuals’ wealth are purely a myth 🙄
This mineral rich country has succumbed to property inflation as the ‘be all and end all’ of wealth methinks rather than their natural resources and Koalas 😯
Hi angie,
There certainly has been rumblings for the past year about this. I used to live there and could not believe how much property prices have shot up – the cost of living is very expensive – wages are high but it comes in the door and out twice as quick. I had relations who live in Australia and were home here in Ireland last year. A particular aunt who loves to rub it in how wonderful Oz is, how there is such low unemployment and what value their house is worth now and how one of her son-in-laws owns 6 apartments – it sounded so familar to Ireland not long ago – I quoted an economist from Morgan Stanley predicting a property crash – needless to say the subject was changed rather quickly. There has been a lot of speculation about the property market in Australia and when it will crash but I don’t think it will have as a high an impact on their economy as countries like Ireland or Spain because of the natural resources the country has such as ore, coal, gold, silver, diamons – the mining sector is booming there.
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Found this interesting article which compares prices of house, apparently Vancover has overtaken Sydney as least affordable housing after Hong Kong http://www.finfacts.ie/irishfinancenews/article_1023802.shtml. Interesting reading!
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