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May 13, 2024 18:49
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- TheMightyHandful
- Dec 8, 2008
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When even the mortgage broker daily blogs report about the bubble there's probably a bubble nothing wrong at all
A leading economist has warned that Sydneysiders will be the hardest hit when the property boom ends with “a period of regret” as rates begin to rise in 2018.
Released yesterday, the Deloitte Access Economics business outlook for the March quarter noted that interest rates have been so low for so long now that cheap credit seems normal to Australian borrowers.Record-low rates have driven significant gains in property prices in key capital cities, with Sydney leading the pack. However, this could be about to change with global markets pricing in more inflation and growth and rate hikes expected from the Reserve Bank over the coming years.
“We don’t see Australian rates starting to rise until 2018 – but rise they will. Housing prices are dangerously dumb, and the Reserve Bank won’t want to add further fuel to that fire,” the report said.
Deloitte warned that NSW will be worst off when rates rise and Sydneysiders in particular could find themselves in trouble.
“The better NSW looks now, the greater the troubles that this state is storing up for the future. Both history and economics suggests that a surge in housing prices tends to be followed by a period of regret,” the report said.
“We think that’s entirely likely this time too. As we regularly note, the joy of rising wealth eventually gives way to pain of servicing gargantuan mortgages. Interest rates are beginning to rise around the world, and, although official interest rates in Australia may not follow suit until 2018, that augurs badly for the disposable incomes of Sydneysiders.”
The dire warning comes after Deloitte Access Economics partner and top forecaster Chris Richardson last week claimed house prices are now 30 per cent overvalued.
Credit Suisse is confident that Chinese demand will soften the blow of the “coming downturn” as Australian property prices are still cheap compared to major Chinese cities.
However, Deloitte’s Chris Richardson has warned that any financial crisis in China would have major implications for the Australian economy.
In a speech at the National Press Club earlier this month the leading economist said that an economic crisis in China could send Australian real estate tumbling by as much as 17 per cent.
“If China did stumble, then the hit to the Australian economy would strip out $40 billion from the budget bottom line in 2019/20 alone,” he said.
“One bit of advice I give to young Australians is right now, amid our housing markets at the moment is don't buy.”
Or maybe it's a bluff and they want all the good stuff for themselves!
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Apr 19, 2017 13:41
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- TheMightyHandful
- Dec 8, 2008
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abc posted:
Car yards a 'waste of space'
Hobart City Council Alderman Philip Cocker said one way of creating space in the city would be to kick out all the car yards, which he described as a "waste of space".
Mr Cocker said moving more people into the city would have many benefits.
"It would bring life to the city and it would also reduce traffic, because instead of going out to greenfield sites in Kingston and Sorell we can people bring to live in the city," he said.
RMIT planning expert Michael Buxton said he believed the new statewide planning scheme provided two pathways to the construction of multi-unit dwellings, which could lead to overdevelopment.
"What seems to be a measure that controls multi-unit dwellings really allows developers open up massive development opportunities," he said.
Melbourne high rise buildings disappear into fog
Melbourne University planning expert Dr Kate Shaw said examples of how not to increase densification could be found in Melbourne's Dockland and Southbank.
"Two classic examples, in fact, even the CBD is now full of ad hoc high rise developments that have really been determined by the financiers and developers, not any planning guidelines from the city or the state," she said.
Instead, she said, Hobart should look to European cities for inspiration.
"Cities like Berlin, Paris and Barcelona all have a medium density quality that accommodates a lot of people but maintains a certain historic and very liveable quality," she said.
A State Government spokesman said the Government was confident the statewide planning scheme would not lead to overdevelopment.
The Hobart City Council said it was important to protection measures for heritage sensitive areas and maintaining a reasonable level of residential amenity.
Better than Hobart Mayor Sue Hickey's comments about the bestiality crap with the bull.
TheMightyHandful fucked around with this message at 05:20 on Apr 24, 2017
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Apr 24, 2017 05:17
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May 13, 2024 18:49
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Apr 2, 2017 12:30
