posted on Sep, 12 2011 @ 06:57 AM
He isnt the only economist who's saying Australia wont be immune when the next global economic crisis hits... and to expect the impact by and after
2012 (watch ABC Sunday Business Insider and Lateline Business program Week Nights)
They also inform us...
When the global economic crash/downfall hits, it WILL BE a lengthly turn around - meaning: it will take years.. even a decade or two for some
countries (USA & EU) to return to some sort of economic prosperity (so much for global capitalism eh)
So far the forecasting for Australia IF and WHEN this happens (globally) has been a quicker turn around, since we seem to be alot more economically
stable than other countries, but anything can happen (figures for Australia) between NOW and then (mid 2012), it also depends on how well China is
buffered for that time frame/period in regards to Australia's certainty and future
We often hear in the media, politicans and real estate agency's of housing shortage, but what they refuse to admit openly every single time.. we have
an AFFORDABLE HOUSING SHORTAGE in Australia!
How many brand new homes actually sit empty for months (many times over 6 months) unsold? thousands!!!
Its not a shortage of housing... its shortage of affordable houses/ing!
I was checking out real estate.com.au over the weekend, comparing a few states - QLD, NSW, VIC, ACT
QLD homes are now relisted so much lower than they were 6 months ago (homes which havent sold)
where as in ACT at least with apartments/villas/units/townhouses they're still listed relatively the same as 6 months ago (not much of a huge price
NSW slight change, VIC slight change
Asking price indictors will and do vary depending on location within these States, Surburbs, No.of bedrooms etc
Homes which were listed 6 months ago $550K - $650K have dropped drastically
Where as homes over $700K are still holding out as long as possible to the original asking price (owners hopeful I reckon lol)
Just watch what happens as the global markets continue to expose instability over the next 6 - 10 months, especially if we notice job cut numbers
continuing (public and private sector state to state), Next Federal Budget, Local and State Governmentstart tightening up even more.... The housing
market, asking price will lower even more if their house hasnt sold by then (if on the market over 6 months)