I have watched the Australian housing market with interest for some time. In my opinion it’s a huge bubble in Sydney & Melbourne and there will be many tears when it bursts, as it must.
Stupid people are bidding way too high for peoperties because they can get cheap finance but it will burn them later.
Now look at this article.
(Bloomberg) — Australia’s property market is taking off again, but with few positive economic spillovers. Just look at the earnings report of the nation’s largest building materials firm Boral Ltd.The brick, cement and plasterboard maker announced weaker results Wednesday, citing a softer housing market…
This indicates that the housing market is booming, again, but housing constructiin is not. To me that says that the developers don’t think the buyers will still be in the market when the construction is completed leaving them with properties they can’t sell.
Part of that would be due to the problems with poor construction of some apartment blocks in those cities.
Cheapskates get their bums handed to them.