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Australia's Housing Bubble Finally Popped?

By Patrick following x   2018 Apr 3, 12:12pm 396 views   2 comments   watch   sfw   quote     share    


https://www.themaven.net/mishtalk/economics/australia-s-housing-bubble-finally-popped-Y-aoEGfeyEq-OiqqdkGDtQ/

80% of Gladstone Homes Sell at Loss

Five years ago, investors from all over Australia scrambled to snap up a property in Gladstone. Today, you have to pay to get out. More than 80 Percent of Gladstone Homes Sell at a Loss. ...

In January 2013, houses in the centre of Gladstone were selling for an average of $595,000 but by January 2017, the average was down to $330,000. Gladstone is also one of the top 10 postcodes in Australia for people behind on their mortgage payments, according to S&P Global Data.

Ms Connor confirmed this figure, admitting most of Gladstone real estate’s sales are repossessed homes — most of which were bought by investors in the 2011-2012 boom. “A very high percentage of sales in Gladstone are repossessions. It’s quite scary actually,” she said.
1   bob2356   ignore (1)   2018 Apr 3, 1:19pm   ↑ like (0)   ↓ dislike (0)   quote        

Patrick says
80% of Gladstone Homes Sell at Loss


Any idiot buying in Gladstone deserves to lose their ass. It's the butt end of nowhere 4 hours not great drive from Brisbane. I went through on my way to Cairns and was not impressed There is nothing there but a shipping port for mining, mostly coal, and a dock for people going to the barrier reef. The population is something like 40k.

The market is slowing because Australia finally cracked down on interest only loans and speculative investor loans. The housing market is hardly popped. Prices went up 5% in 2017. It's going down very slowly, like .1-.2 percent a month, so far in 2018.
2   Hassan_Rouhani   ignore (2)   2018 Apr 3, 2:34pm   ↑ like (0)   ↓ dislike (0)   quote        

What Bobby said. The only redeeming quality of Gladstone is the Australian burger they serve at the airport: that thing is so huge they serve it with a steak knife stuck into it. One of the best burgers I ever head.




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