The dramatic change in the Sydney property market was obvious at two auctions on Saturday that achieved an outcome unheard of just months ago: no bidders turned up. At the sale of a brand-new four-bedroom penthouse Lidcombe, in Sydney's almost-inner west, The Australian Financial Review was the only attendee. "Are you here to bid?" the agents asked. Upon hearing I was a journalist, they told me they had interested buyers who didn't turn up. The asking price for the penthouse was $1.2 million, which the agent said was a steal for 320 square metres of space and six car parks.
DYI:
Since the beginning of this blog in 2014 I’ve been reporting on the insanity of
Australian, Canadian, New Zealander’s, and China’s real estate markets. World wide banking today is now so integrated
any hiccup could very easily push over one of the dominoes creating a cascade
of bank failures. Remember just prior to
the 2008 – 2009 economic downturn it all began in Iceland of all places? Could this be the next start of the world
wide recession/depression?? I don’t know
for sure but with a massively overvalued stock market along with insane high
prices for junk bonds the seeds are all there for the next recession.
DYI
No comments:
Post a Comment