Read my piece here, one of the most read articles on Property Observer this week.
Sadly I got slightly fewer readers than Professor Steve Keen's piece on Australian property's "slow bleed", where he basically now notes that "over the next two decades" Australia might have lower house price to income ratios.
This is big shift from his initial "40% price crash" predictions of 2008 which came to nothing.
And...two decades?! That takes us to 2033!
Keen might be right, prices might be lower in 'real terms' in 20 years time.
But most people can pay off a mortgage in much less time than that - and besides, if Keen is predicting that prices will be higher in absolute terms, then I'm not quite sure that's much of a story.
---
Stocks have sunk 0.7% lower this morning following the US down.
Lending finance for owner occupation continued to increase by 1.2% in April as expected per the ABS.
No comments:
Post a Comment