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Australian housing crisis?
- Thread starter winnipegjets
- Start date
this is what will happen when they don't have a pap gov in charge to anticipate the worst case scenario and impose cooling measures to deflate the market slowly rather than letting the bubble burst knowing the signs are all there. of course auntie virgin will disagree as she thinks the market must constantly go up and up to 6.9th heaven over boiling point.
They are, banks are rising rate slowly even though the RBA has not increase it in the last 2 years. 2020 will see the bottom of this cycle I think. I predicted this was going to happen in 2016, guess was 2 years too early.
the jap lesson of the 90s are on record for all to learn from. but young couples expecting kids are desperate to get homes beyond their means even with rising mortgage rates. i'm seeing that happening in germany and the u.s. where both economies are running at full steam. the old and retired refuse to sell hoping to build more equity on their (cheaper) homes as they bought them decades ago on freehold land. the crunch: demand outstrips supply by huge ratios as builders find it hard to get cheap land in desirable areas and build fast enough. only sg as a developed nation is doing it right on housing, thanks to the pap.
So I do not understand the complaints. Housing prices r high n it's now fallen...tat way ppl can buy now tat prices r lower..if burst buy on fire sale so wat they complaining about?
The banks by raising the interest rates will bring about the total collapse of the housing market n they will shoot themselves in the foot. Afterall ppl will soon walk away from the houses. But hor in Sydney n Melbourne rents still high so landlords can endure the pain. In Perth with cheap houses galore n huge amounts of land. Ppl can walk away from the house n rent cheap. So if banks raise rates...prepare for more ppl walking away. Bad credit so wat? Don't buy houses lor...
The bottom line is Australia has a banking problem whereby they are too protected n it's become a rent seeking oligopoly. If mortgage interest rates reflect reality n is equal to singkieland. There will not be a housing crisis. N this leads on to the insurance industry etc whereby the corruption had gone out of control. But at least they are addressing the issue.. unlike in singkieland the pap just covers things up. N civil society in ozland is greater than singkieland.. erections also coming. The gahmen in ozland will have to do something.
The issue with ozland is there is corruption within the financial institutions. Banks n insurance. N property developers who keep building despite no demand depressing prices even more. But from another perspective..it's just a singkieland lite...look at the royal commission. The banks r being investigated n hopefully some change will occur. In singkieland. The Lehman brothers. The lost deposit boxes etc. The hyflux etc. Will there be an investigation ? Or will it be swept under the rug? Don't forget the Lehman brothers n town council losses have never been explained properly to the public.
Thus is what happens when they stop chinese prc from buying second hand homes. They can onky buy new homes ftom developers. So that investment that held housing prices disappeared and a vaccum emerged.
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