Australian housing bubble crisis.
Hey guys and girls,
An issue I want to talk about today is the Australian property market. I have been on the look out to buy a house here in Melbourne, but the prices for housing in the inner city are CRAZY, so it has led me to do some research on what is happening. I have been reading up on the Australian Financial Review and come across a report in mid April where the head honcho of the Australia securities investment commission (ASIC) Mr Greg Medcraft has said " I have been saying for a while, I thought it was a bubble and others are catching up", only confirming to me that we are in a bubble. Sounds like the politicians are trying to cover the butts. And when it Crashes they will be saying - we told you, we warned you not borrow too much... then the RBA ( Reserve bank of Australia) governor Phillip Lowe reports concerns to house hold debt. Key problems:- low interest rate loans, risky investments and property friendly tax laws in this quarters assessment.
Looks pretty grim to me and the worry is that some of Australia's biggest car manufacturer's are shutting down there plants by the end of the year. Wonder what solution the government will try to implement( austerity measures ) for this and will it be friendly towards its citizens.
let me know what you think.
hi guys and girls,
I am doing a bit of a recap on this story. Last night while eating dinner I glanced over at the news which was playing in the back ground I saw that what I had wrote about was coming out in the mainstream media, I was absolutely shocked as I turned to my wife while chewing on some food yelling i told you so, the government and media was admitting that there is a hosing crisis in 2 major Australian cities- Melbourne and Sydney. The report was on channel 7and mentioned the same sources as I did. Looks to me that a financial crisis will soon hit Australia lucky we have started preparing...
My worry is if Australia becomes undone what will happen to the rest of the world?
thanks guys let me know what you think.
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