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Australian house prices falling

Comments

  • #2
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


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


  • #3
    L1011
    Registered Users, Registered Users 2 Posts: 69,547 ✭✭✭✭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.


  • #4
    Mariomaker
    Registered Users Posts: 41 ✭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??


  • #5
    Browney7
    Registered Users, Registered Users 2 Posts: 3,100 ✭✭✭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


  • #6
    Tow
    Registered Users, Registered Users 2 Posts: 8,096 ✭✭✭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.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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  • #7
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭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.


  • #8
    Mad_maxx
    Registered Users, Registered Users 2 Posts: 13,503 ✭✭✭✭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.


  • #9
    Mad_maxx
    Registered Users, Registered Users 2 Posts: 13,503 ✭✭✭✭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.


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