heathen_soul

Ive been working for a property marketing company recently and its been so interesting, especially as Im fairly new to the country. I know that developers are falling over themselves to sell to China, but you should see the greed of these people! They see no problems at all with the way the market is going at the moment. They seem to think that the money tap is just going to keep running forever! I really can't wait for reality to hit! (which I am guessing will come via Chinese buyers slowing at some point) There is also a general lack of understanding that we are in a bubble (which isnt surprising really). I have only spoken to two people (builders) who see there being a bubble created, everyone else (and i mean everyone) thinks that prices will rise forever. Every man and his dog are flipping properties or making a loss on the rents thanks to the ******** tax incentives. How long can the madness carry on? The general sense i get here is that Australia (well, Melbourne area for me) is drunk under the spell of property, such as the UK was years ago. I shouldnt hope for a crash cause the fall out will effect everyone, including me, but id welcome it just to have the greedy smiles wiped off peoples faces.

Thanks to all for the recommendations; plenty to keep me informed (and busy)

Thanks for your reply. Ive had a bit of a search around and only really found 'Independent Australia' and 'Financial Review'. My usual favourite of Zero Hedge doesnt cover much for Australia. Any recommendations for online sources?

My wife, son and I moved over here just a few months ago and everyone you speak to seems to be flipping properties (we live outside Melbourne in a country town). As soon as you mention you are renovating then people jump straight in and think you are intending to sell on and jump to the next property (I saw the same thing in London 2007). Only a few builders ive spoken to can see the bubble, everyone else is convinced that prices can only ever go up etc. Crazy. Im still happy we moved out here though regardless; everywhere is effed and at least where I live people grow their own food, make stuff, have strong social cohesion etc. I am looking for a decent news source over here (housing, financial and otherwise), so If anyone has some decent links please do reply.