Captain Kirk Posted February 3, 2019 Share Posted February 3, 2019 1 hour ago, spyguy said: The getting hotter bit is bad. But Oz is getting drier too. Yes, I remember in the 2000s there was talk of creating artificial mountains to encourage rain. Although it is clear credit is the main driver of housing bubbles, what I don't get is that in the UK HPI was justified by immigration, over-population and the running out of space, but WTF were the Aussies thinking? You could have a 60m population there and there would be still plenty of land, just no water. Quote Link to comment Share on other sites More sharing options...
wish I could afford one Posted February 3, 2019 Share Posted February 3, 2019 2 hours ago, spyguy said: The getting hotter bit is bad. But Oz is getting drier too. Plenty of free sunlight so why they're not going all out with desalination plants run from solar PV farms is beyond me. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 3, 2019 Share Posted February 3, 2019 5 minutes ago, wish I could afford one said: Plenty of free sunlight so why they're not going all out with desalination plants run from solar PV farms is beyond me. Because desalin is fine for drinking water. It does not scale to agri water, whuch is where the drought is. Oz shoukd have insisted all those asian brought their own water supply with them. Quote Link to comment Share on other sites More sharing options...
simvastatin Posted February 3, 2019 Share Posted February 3, 2019 1 minute ago, spyguy said: Because desalin is fine for drinking water. It does not scale to agri water, whuch is where the drought is. Oz shoukd have insisted all those asian brought their own water supply with them. NO, You did not say that Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 3, 2019 Share Posted February 3, 2019 4 minutes ago, prozac said: NO, You did not say that Oz can support a very limited of people. Mainly down to water but its travel infrastructure is sh1t. Oz commutes are insane - long, hot, slow. Rather than stupidly adding more population, Aus should have paused at 15m and worked on its infrastructure. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 3, 2019 Share Posted February 3, 2019 The bulk of Auz migrants since 2000ish have been Asians, coming from countries with lowe population densities and much better natural resources, in terms of agriland and water. Quote Link to comment Share on other sites More sharing options...
Bluestone59 Posted February 3, 2019 Share Posted February 3, 2019 47 minutes ago, spyguy said: Oz can support a very limited of people. Mainly down to water but its travel infrastructure is sh1t. Oz commutes are insane - long, hot, slow. Rather than stupidly adding more population, Aus should have paused at 15m and worked on its infrastructure. That's what they do at these G20 type summits, exchange the latest bad ideas, well bad for us but very good indeed for "them". Increasing your population is now "good" so everybody does it. Property poison has been spread around the world, pretty much by us it has to be said. And I suspect via discourse at these summits or by economists generally. An acquaintance at a dinner party said to me that the leaders of all the main democracies are literally installed by interested forces who rarely slip up. They select a particular type they can manipulate, he went on. I was at first unconvinced but by the time he'd finished it was making sense. Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted February 4, 2019 Share Posted February 4, 2019 Cracks appearing in Australia's property ... Quote Link to comment Share on other sites More sharing options...
ftb_fml Posted February 4, 2019 Share Posted February 4, 2019 (edited) More excellent, non-nonsense insight in Martin North's latest video - a man whose commentary seems to be increasingly in demand by the Australian media. As an aside I love the stark contrast between the down-to-earth production style of Martin's content and that of the "60 minutes" program upon which he appears (around 23:00). The 60 minutes clip looks like a bloody episode of X-factor by comparison [EDIT: Started writing post before Captain Kirk's link to 60 minutes, if it all seems a bit disjointed!] Edited February 4, 2019 by ftb_fml Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted February 4, 2019 Share Posted February 4, 2019 On 03/02/2019 at 12:20, spyguy said: The getting hotter bit is bad. But Oz is getting drier too. I got about $100K in super there and a similar sum in cash. Not sure whether to leave it or bring it over. Hoping Brexit offers an opportunity to buy sterling at a decadal low. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 5, 2019 Share Posted February 5, 2019 6 hours ago, Kurt Barlow said: I got about $100K in super there and a similar sum in cash. Not sure whether to leave it or bring it over. Hoping Brexit offers an opportunity to buy sterling at a decadal low. Buy water ... they are not making it anymore there there ... Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted February 5, 2019 Share Posted February 5, 2019 It’s a giant desert. I might go see the Great Barrier Reef before it dies but other than that the place holds no appeal. 1 hour ago, spyguy said: Buy water ... they are not making it anymore there there ... You know The Big Short guy is literally doing this? He’s investing in almond farms in Cali. Almonds use huge quantities of water and California has a law that water belongs to whoever owns the land above it. Meanwhile both parties in Aus are obsessed with the short term growth they get from migrants. https://www.news.com.au/finance/economy/australian-economy/throw-open-the-borders-why-double-immigration-will-save-australias-choking-cities/news-story/4ebea6170aa31db651c2335fc80c75b6 Apparently the solution to too many people is more people ? Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 5, 2019 Share Posted February 5, 2019 The Oz Royal commission has publicised its report. FT article: https://www.ft.com/content/f37bce5c-288e-11e9-88a4-c32129756dd8 Report: https://treasury.gov.au/publication/p2019-fsrc-final-report/ Quote Link to comment Share on other sites More sharing options...
Bluestone59 Posted February 5, 2019 Share Posted February 5, 2019 11 hours ago, PeanutButter said: It’s a giant desert. I might go see the Great Barrier Reef before it dies but other than that the place holds no appeal. You know The Big Short guy is literally doing this? He’s investing in almond farms in Cali. Almonds use huge quantities of water and California has a law that water belongs to whoever owns the land above it. Meanwhile both parties in Aus are obsessed with the short term growth they get from migrants. https://www.news.com.au/finance/economy/australian-economy/throw-open-the-borders-why-double-immigration-will-save-australias-choking-cities/news-story/4ebea6170aa31db651c2335fc80c75b6 Apparently the solution to too many people is more people ? Of course it is. The solution to too much debt is more debt. The geniuses at G1-20 have spoken. To each other. It therefore must be so. Even if it isn't, it will be. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted February 20, 2019 Share Posted February 20, 2019 Forced End of “Ponzi-Like Leverage” & “Fraudulent Lending” Turns Australia’s House Price Bubble into “Property Bloodbath” https://wolfstreet.com/2019/02/20/forced-end-of-ponzi-like-leverage-fraudulent-lending-turns-australias-house-price-bubble-into-property-bloodbath/ Quote Link to comment Share on other sites More sharing options...
highcontrast Posted February 20, 2019 Share Posted February 20, 2019 16 minutes ago, Saving For a Space Ship said: Forced End of “Ponzi-Like Leverage” & “Fraudulent Lending” Turns Australia’s House Price Bubble into “Property Bloodbath” https://wolfstreet.com/2019/02/20/forced-end-of-ponzi-like-leverage-fraudulent-lending-turns-australias-house-price-bubble-into-property-bloodbath/ "Bloodbath"!!! I love it! How long until we start hearing these kinds of headlines over here? This other thread on HPC seems to be a nice example of the start of things here perhaps? Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted February 21, 2019 Share Posted February 21, 2019 www.news.com.au/finance/business/banking/it-is-worse-than-being-back-to-square-one-westpac-hit-with-class-action-over-irresponsible-lending/news-story/6b3d4058db96c442c05ae0e2112f32c6. And so it starts. Some really good quktes in here and pictures of tearful ladies. I really don't believe that the borrowers didn't understand what they were getting in to. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 21, 2019 Share Posted February 21, 2019 1 hour ago, Timbuk3 said: I really don't believe that the borrowers didn't understand what they were getting in to. Yes, this is an interesting line: Quote Unaware the interest only period would eventually end, they’ve were faced with $1.6 million in debt they couldn’t afford. That appears to be the argument underpinning the case, I don't think they'll get too far with that. Quote she and her husband Ian were ruined after the bank lent them more than $1.8 million across five properties, despite the family having just one income ...The mum of three says her family has lost everything. Australia's gambling problem is well known but people who play pokies aren't considered high-status. For some reason, it's considered socially acceptable to take leverage to these extremes and play with your three children's futures as long as the gamble is property. Quote Link to comment Share on other sites More sharing options...
Freki Posted February 21, 2019 Share Posted February 21, 2019 2 hours ago, Timbuk3 said: Quote she and her husband Ian were ruined after the bank lent them more than $1.8 million across five properties, despite the family having just one income. Quote “Everything we were trying to achieve is lost. Instead of striving for financial independence, we are back living pay cheque to pay cheque, tax return to tax return. We have gone backwards after years of hard work and struggle. It is worse than being back to square one.” F***ing magic money tree! We were standing at its feet, idling for years and received nothing! Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 21, 2019 Share Posted February 21, 2019 1 hour ago, Freki said: F***ing magic money tree! We were standing at its feet, idling for years and received nothing! Ah yes. I know someone in the UK who's trying to get rich by taking on vast levels of debt (to her income) to buy property. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 21, 2019 Share Posted February 21, 2019 4 hours ago, Timbuk3 said: www.news.com.au/finance/business/banking/it-is-worse-than-being-back-to-square-one-westpac-hit-with-class-action-over-irresponsible-lending/news-story/6b3d4058db96c442c05ae0e2112f32c6. And so it starts. Some really good quktes in here and pictures of tearful ladies. I really don't believe that the borrowers didn't understand what they were getting in to. Ms Tate said Westpac trusted a loan broker who provided information about her family’s financial position, and did not independently verify the situation. She said her family would now lose all of their properties save for a block of land. Nope. Ms Tate trusted a loan broker. Smae rules as UK - use the bank directly is you are above board and accept the lendign limitations. Or pay a broker to lie for you. Her complaint is with th4e broker, whos prbbaly bust. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 21, 2019 Share Posted February 21, 2019 The Tate family appeared on the ABC’s 7.30 program last year. They said the bank grossly underestimated their expenditure. Did you declare your spend to the broker? Thought not. Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted February 21, 2019 Share Posted February 21, 2019 4 hours ago, Timbuk3 said: www.news.com.au/finance/business/banking/it-is-worse-than-being-back-to-square-one-westpac-hit-with-class-action-over-irresponsible-lending/news-story/6b3d4058db96c442c05ae0e2112f32c6. And so it starts. Some really good quktes in here and pictures of tearful ladies. I really don't believe that the borrowers didn't understand what they were getting in to. I wonder what kind of bailout Australia will choose? Any predictions on type and timings? Quote Link to comment Share on other sites More sharing options...
Flopsy Posted February 21, 2019 Share Posted February 21, 2019 This will have worldwide repercussions in all the areas the Chinese have been buying "Foreign buyer exodus: China is the largest source of foreign investment into the housing market, in terms of both the number of purchases and value of investment. With China’s central government ramping up capital controls to stem the outflow of capital and imposing jail time for those facilitating such flight, purchases of new and established dwellings have fallen considerably. Furthermore, there is mounting evidence the Chinese government is now forcing the sale of properties owned by nationals and repatriating foreign currency back to the homeland. This will particularly affect the off-the-plan apartment complex market." From the link above (https://wolfstreet.com/2019/02/20/forced-end-of-ponzi-like-leverage-fraudulent-lending-turns-australias-house-price-bubble-into-property-bloodbath/) Quote Link to comment Share on other sites More sharing options...
skomer Posted February 21, 2019 Share Posted February 21, 2019 Another take on the wolfstreet article... its gaining traction... Let the Bloodbath begin........ https://www.news.com.au/finance/economy/australian-economy/let-the-bloodbath-begin-house-prices-in-sydney-and-melbourne-could-halve-in-worst-crash-since-1890s/news-story/5918ea13042d5f819cb13c77629f060a#.y0wyv If this proves to be correct I expect the first London Pret to have a majority of Australian Servers in 18 to 24months time.. Quote Link to comment Share on other sites More sharing options...
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