Looks like Australia may be close to experiencing a popping of its housing bubble. If the events that transpired in the U.S. (2007) are any indication, this could be the heralding in of a country-wide Recession in Australia. In the U.S. there were middle class people going homeless in some regions, and the U.S. is still recovering even today.
We’ve been hearing it for the last 30years. Australia has no where near the sub-prime market, easy credit with bad credit ratings on real estate loans. You must demonstrate savings, a secure job and proof you can service the debt. Look, we hope it all settles down a bit, which it has. It just needs a pin prick to release the pressure slowly. Investors with portfolios maybe a little filthy things have slowed! As these investors off load houses hopefully deserving families can pick em up for reasonable prices!
Didnt we just have a RC in Banking which exposed fraudulent banking practices....havent we had a system for years now where "no docs" applications for loans were prevalent...Havent we had a system of banks fraudulently filling in the forms fabricating dodgy figures so as the loan would be approved and someone got a juicy commission...much to the detriment of the borrower..... The banking systems been corrupt for years..."it just needs a pin prick to release the pressure slowly"...tell that to the people with mortgages higher than their property is worth.... I suggest you get your head out of your arse....you still talk garbage.....nothing changes....
Weren’t you pi$$ing off and not coming back? Smh! Still trying to be all gansta! Do you want to provide a link to your claim about no doc loans being that prevalent it was causing a subprime market? Whinge whinge, whine whine! Go and live your life dude!
https://www.abc.net.au/news/2014-08-26/australian-subprime-mortgage-market-growing/5697880 Read it and weep sucker....
You didn’t read the article did ya? You just raced off doing a google search and posted something you thought may support your argument. It has been clear for a long time you lack something billygoat! Now here is a snippet from this article: “Mr North says the subprime segment of Australia's market is so small that it is unlikely to destabilise the financial system, even if a lot of the loans go bad.” Your other link is an opinion from a forum. No credibility at all dude! You’re a time waster with nothing but...you know....whinging and whining! Should stay true to your word man!
Well yes but it's not unexpected... we had a double housing bubble with overseas investors causing the 2nd spike, on top of local investors driving house prices into ridiculously high territory. This also happened in many other countries... Chinese investors driving share and property prices globally on the back of free money and extraordinary levels of debt. When the Australian and Chinese governments clamped down on foreign investment there were really only one way for house prices to go... locals were already over their heads in debt. The problem we face is that as Australians struggle with paying their mortgages their retail spending will drop (as we've seen with disappointing Christmas spending). Construction industry is haemorrhaging jobs and this will flow on to other sectors as credit tightens and wallets close. I think the decider will be China, 30% of our exports go to China and no other country have benefitted as much as Australia from their debt driven boom. We are increasing our LNG gas exports to Asia but will it be enough to counter a crisis in China.... that is the question.
Dude, if this is the best you got here then your little doomsayer thread isn’t going to be any different. You couldn’t even comprehend the articles you linked here. We’ve been hearing it for years and the media love to hammer us with a good doom and gloom story. Here is a good read if you want another perspective....but of course you don’t, you love that drama filled world of doom and gloom! The whingey whining type stuff! https://www.smartcompany.com.au/ind...redicting-australian-house-prices-will-crash/
My other thread has links explaining the extreme fraud and the coverup by the banks...but of course you couldnt be bothered referring to those links..could you....they might support what Im saying about the subprime fiasco in Australia....
