Monday, October 2, 2006

Sydney under pressure

South-west first to crack with debt load

Parts of south-western Sydney are starting to crack under the pressure of high petrol prices, big debts and falling house prices. The jobless rate in the Fairfield-Liverpool region has shot from 5 per cent to 10 per cent in the past year. Unemployment in that area is now double the national rate of 4.9 per cent and well above the NSW rate of 5.7 per cent.

Posted by webmaster @ 10:19 PM (674 views)
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5 thoughts on “Sydney under pressure

  • It’s amazing, things are quite clearly going pear shaped in Oz, Ireland and the States but in the UK the market is as always ‘healthy’. No doubt the same dunces will still be saying the economy and the housing market are ‘healthy’ or just ‘cooling’ when repossessions, negative equity, business failures, bankruptcies hit record levels and a loaf of bread costs £80. Never mind we can rely on basket case economist Brown with his well controlled public finances and honesty to see us through.

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  • Mr Brown has only been able to control the public finances because he has been handed such a windfall thru stamp duty, capital gains, and inheritance taxes which have increased year on year whilst he has been in charge of the money – As soon as the housing market cools, he will need to find his pennies from elsewhere.

    IR increases, Job losses / security, along with the banks tightening their grip is going to cool the market, something which I and surely many others am already seeing signs of this happening. Only difference between us and America / Australia is that we are 6 – 9 months behind them in timing – The same as we were back in the 80’s – Interestingly whilst the UK was one of the last into the last recession it was one of the first to come out. We are just on different parts of the pear!

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  • Perth house prices rose 33% year on year, decidedly un-pear shape! The falls are related to Sydney suburbs only unfortunately. It is hard to work out what is going on Nationaly here at the moment but there is NO general HPC in Australia.

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  • None of the mainstream media have touched this story with a bargepole.

    The Daily Maul, Torygraph and David Smith will no doubt keep whooping and braying up the market with every last breath.

    Their collective private interests depend on it.

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  • Be interesting to note if any of them decide to sell, and whether it will change their outlook on the market?

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