Monday, January 5, 2009

spiralling down…

Sydney Property Prices

Prices in Mosman, one of the most affluent suburbs in Sydney, dropped from a median of A$1.2 million in December 2007 to A$865,000 in December 2008, a fall of 27.9 per cent.

Posted by jeremy @ 04:55 AM (525 views)
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One thought on “spiralling down…

  • I was reading this yesterday, along with some other Australian articles and analysis. Typically…

    i. There is a widely held belief among all commentators that ‘the market of properties over $1million is totally separate from most australians, and any decline in it will not havea wider effect’
    ii. Commentators believe ‘2009 will be flat for the housing market’ – sounds like Jan/feb last year in the UK to me.
    iii. In all commentary there is no mention of the commodities crash affecting Australia particularly hard in the next year
    iv. In all commentary there is no detailed analysis of the coming severe unemployment due to mining and commodities crashes, let alone the impact of a full global recession on demand.
    v. There is very little acknowledgement of the debt burden held by the average australian family, which is massive.

    Essentially the commentary is ‘the banks here are not as in trouble as banks elsewhere, so there will be less rationing of credit, and we’re not going to have a bad recession – so things will hardly change here at all’.

    Strange place to be, I tell you…

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