Australian house prices falling

mkdon

Not sure if this has any impact on Irish house prices but this is interesting trend.

Maybe globally housing is dropping off. Maybe not. Interesting nevertheless:eek:


https://www.newsroom.co.nz/2018/11/26/338780/house-prices-could-follow-australias-down-asb

Franz Von Peppercorn

Their housing market was insane. And they never had that 2008 recession.

L1011

mkdon wrote: »

Not sure if this has any impact on Irish house prices

If anything, it won't be in the way you expect.

If Australia's economy goes bad there'll be rather a lot of Irish emigrees returning and adding to the existing demand here.

Mariomaker

35% of Australlia's ecomony comes from digging holes in Western Australia. Chrna buys raw materials makes steel and dumps it cheap on the world market. Thats coming to an end.

1/3 of mortgages in Australia are interest free mortgages. Property prices down 17% this year. What is in store for 2019??

Browney7

It was a very boomy market - rental yields weren't even covering interest payments for a lot of "investors" so this gave rise to the wonderful taxation policy of "negative gearing" where people could reduce their tax bills by the rental losses. As people were racking up capital gains it was all Rosey.

Could be a stampede for the exit door to hop on the lifeboats now. If people can't service the loans after any uptick in job losses things could get hairy

Tow

Australian's market was driven by rich Chinese, stashing their money outside China. No better way than buy property you can always live in if your home country implodes. It was a regular occurrence to see well dressed Chinese estate agents, showing houses to Chinese business men in the trendy areas. Recently the Chinese government has made attempts to restrict the outflow of cash from the country.

Askthe EA

Tow wrote: »

Australian's market was driven by rich Chinese, stashing their money outside China. No better way than buy property you can always live in if your home country implodes. It was a regular occurrence to see well dressed Chinese estate agents, showing houses to Chinese business men in the trendy areas. Recently the Chinese government has made attempts to restrict the outflow of cash from the country.

Was this way 10 years ago in Melbourne. Whole high rise blocks belonging to and lived in by Chinese. Didnt even bother with the pretence of advertising vacant units in English, Chinese agents, serving Chinese market in Australia. Mad.

Mad_maxx

Mariomaker wrote: »

35% of Australlia's ecomony comes from digging holes in Western Australia. Chrna buys raw materials makes steel and dumps it cheap on the world market. Thats coming to an end.

1/3 of mortgages in Australia are interest free mortgages. Property prices down 17% this year. What is in store for 2019??

The aussie economic miracle of the past quarter century can be entirely tied to the continued rise of China, Australia is effectively china's quarry.

It's not a particularly well diversified economy. Certainly nothing like Germany or the Netherlands.

Mad_maxx

Tow wrote: »

Australian's market was driven by rich Chinese, stashing their money outside China. No better way than buy property you can always live in if your home country implodes. It was a regular occurrence to see well dressed Chinese estate agents, showing houses to Chinese business men in the trendy areas. Recently the Chinese government has made attempts to restrict the outflow of cash from the country.

Vancouver was a much larger destination for Chinese Real Estate money than any Australian city.