Wednesday, Dec 03, 2008
Some are still in denial
The Australian: House prices unlikely to fall 30pc
Well, Australia is a different story, there is no oversupply, banks an't lending but who cares, prices wont come down bla bla bla......
Posted by fjcruiser @ 04:22 PM (324 views) Add Comment
3 Comments
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1. fancypants said...
this guy is hilarious! First he makes predictions, and then claims that anyone who makes such forecasts is a fool.
Then he lambasts the bears "anyone who predicted this has been predicting it for 10 years"... um yeah? and? We only need to be right once bucko, you need to be right for ever (and I don't remember ever saying "it will happen dd/mm/yy"). Black Swan fly!!
2. maddison said...
Australia is much better placed than the rest of the world in their housing market. BUT alot of aussies have alot of debts, in fact higher than in the UK. This could cause problems.
3. geed said...
Australia better place hahahahahah!!
house price are roughly 7 X income multiple, They build plently of homes, their economy is based on Western Australia's economy (commodities), so the east coast is fed on west coast originated bubbles (dangerous), Debt levels in Australia are some of the highest in the western world.
Thing is the goverbemtn encourgage invest,ent homes massively through negative gearing and tax incenties. as a result every robber and his dog is a " amateur property tycoon" in OZ. This has driven the price of property up massively ans is inflating the price artificially.
The press in Australia (owned by Packer and Murdoch cronies so you never get the real picture) is very insular and you never get the real picture so the public swallow it and pile on the debt - oblivious fools.
Australia'shousing market is in the sh!t big time.