Wednesday, Aug 23, 2006

Negative equity in Oz

Sydney Morning Herald: Home owners find equity a spent force

The stagnant property market has taken a toll on a favourite Australian pastime: converting bricks and mortar into cash. The boom in equity withdrawn from housing and used to boost superannuation, bolster share portfolios and buy cars, overseas holidays and plasma televisions has petered out, a report by the Reserve Bank says.

Posted by webmaster @ 01:11 PM (1670 views)
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1. uncle tom said...

MEWing does not seem to have been on the same scale in Oz as it has been in the UK and US, so the economic consequences of the resulting spending crunch will be much less severe.

In the US, homeowners are still wringing their houses dry, but it will not be long before American retailers feel the squeeze. The UK will then follow suit, perhaps 6-12 months later.

This will cause a lot of unemployment, and may make the 'Polish plumbers' rather less welcome..

Wednesday, August 23, 2006 01:35PM Report Comment

2. Mattsta said...

A foretaste of what will happen here in the UK, only here it will be much much worse! It's time to get out of the UK!

Wednesday, August 23, 2006 02:46PM Report Comment

3. Jake The Muss said...

Mattsta.....get out of the UK and go where?

Wednesday, August 23, 2006 05:17PM Report Comment

4. Phil said...

Jake Australia, and become unemployed 6 months before the English!

Wednesday, August 23, 2006 07:11PM Report Comment

5. bidin'matime said...

Great to see the economic model being tested ahead of us... There's no way out for the UK and, with globalisation, there's nowhere to run.

Wednesday, August 23, 2006 09:40PM Report Comment

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