posted on Jun, 15 2011 @ 12:06 AM
Meanwhile, property developments in Australia aren't looking too peachy either. The difference here is though, that Australia has room to influence
property prices with monetary policy and lower interest rates - which stand at some of the highest in the developed world. But then, Glenn Stevens has
just announced Australia needs yet another hike in interest rates due to possible increasing inflation. I will withhold my personal rant on that
Median house prices plumment in
AUSTRALIA'S super rich aren't immune to the property downtown with real estate performance in battler suburbs outstripping the country's
The property divide between the blue-ribbon belt and struggle street has narrowed significantly as interest rates and homebuyer jitters continue to
erode the top end of the market.
Median house prices in prestigious suburbs fell up to 43 per cent since peaking in 2008, according to RP Data figures out today.
Property experts predict that the performance slide in salubrious enclaves could continue for at least three years, as luxury home buyers
remain sidelined in what is one of the most overpriced real estate sectors of the world.
And while price slashing may attract bargain hunters, pundits warn that the premium home market is riskier than ever due to the soaring Aussie
dollar and the volatile share market.
perty news article
reports on the struggles of households with mortgage stress due to increasing interest rates and natural disasters, with
Queensland making history as Australia's worst state for mortgage defaults.
I admit, as a struggling mortgage holder myself, having bought at the exact WRONG time, I am now paying the price. I bought an old 70s unit in
Canberran suburbs, and is by no means a luxury item, and paying on the mortgage is a real struggle. Fortunately I have family to assist with some
bills and stuff otherwise I wouldn't be able to do it. I really wonder how people with a much higher mortgage cope, though many have two people
working (I'm single so on one income) but it would still be a battle for many I'm sure.