Australia Is Headed For The Disaster Zone
Mike “Mish” Shedlock, Global Economic Trend Analysis|Aug. 27, 2012
Chris_Samuel at www.flickr.com
- Mike “Mish” Shedlock Mish is an investment advisor at Sitka Pacific Capital. He writes the widely read Mish’s Global Economic Trend Analysis.
Real estate agents in Australia who assured everyone for years there was no housing bubble and home prices would only ever go up because there was a “shortage of houses” are now telling everyone who is stuck in a house they cannot afford that they have prices too high.
What this means of course is real estate agents are selling few homes, thus making little in commissions so they need prices to come down. What the agents don’t realize is this is the beginning of a trend and home prices, some drastically reduced already, still have much further to fall.
The Sunshine Coast Daily reports Sellers get realistic with cuts
The prices of some Sunshine Coast properties have been slashed by a million dollars as owners look to shift homes that have been stewing on the market for up to four years.
A Sunshine Beach property that was on the market in 2008 for $2.6 million has been reduced to $1.595 million while a Cooroy property for sale for $3.15 million in 2009 has been discounted $1.155 million.
A list of the top 25 discounted properties from the SQM Research shows prices discounted between 24% and 40%.
The head of SQM Research, Louis Christopher, said the discounting was the result of vendors being forced to correct unrealistic price expectations.
“Many are not willing to accept where the buyers are at. They can’t handle, psychologically, that this is what their property is worth,” he said.
The discounting on the Sunshine Coast was not confined to any area or price range. SQM’s list showed price cuts at beachside locations from Mooloolaba through to Noosa Heads and Rainbow Beach, and out to the hinterland villages of Mapleton, Cooroy and Imbil.
In Due Time My Little Pretty
This article is sure to trigger complaints “It’s only the Sunshine Coast” or some other such nonsense as if large cities and more populated areas will not be affected to this degree.
In due time my little pretty, all in due time.
Back in the Solar System
By the way, the article said sellers are realistic. What the writer meant was “back in the solar system” as opposed to “realistic”. Until homes are selling in normal transaction volumes for sustained periods, sellers will not really be “realistic”.
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Whistler Blowers, Insiders
Fuelled by abject greed. I do hope these greedy bastards get burnt big time. They came here from sydney with pockets full of money to invest in cheap housing right on the coast. It bumped the prices up so far the generation leaving school now have little or no chance to get a house. Greedy bastards,a crap house now to rent is $ 300 PER WEEK!! They have ruined it for so many young people, made it just that more difficult to just get by.
The poor Aussies shipped downunder to save money in the British prison system centuries ago and now the British bankers covet their lands. The total mind control of this island should be enough but I guess they need to be distracted and robbed by these greedy heathen. Americans like Aussies don’t take well to any mind control so we are weather,news,traffic,microwave and laser bombarded constantly. Australian Paul Baird’s report on http://www.surveillanceissues.com/ details their and Americans current struggles.
This was premeditated & orchestrated to destroy the economic independence of Australians. We have the highest carbon tax in the world which has destroyed business confidence in our largest trade – mining. On top of that we have a flood of wealthy Asian millionares buying up huge amounts of prime real-estate & farmland here (we can’t do the same in their country!). That’s what artificially pushed housing prices up, making them totally unaffordable for the fast shrinking middle classes. Australians are in the top 3 nations of the world for both longest working hours & highest taxes – despite our hard work, letting so much foreign investment in here has caused the majority of those not considered ‘well off’ to simply not be able to afford housing at all. Simple as that. The only way I’ll ever own a home is from lotto or inheritance. Now most of us must rent from foreigners who own multiple houses here & overseas, when we can’t even get one.