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Australia Housing to Collapse By 60% Says an Expert

By Mike Hendrickson

Real Estate Agent with Premier Agent Network

January 24, 2012 11:05 AM

I recently read an excellent article about one experts view that the Australia property market is about to collapse by as much as 60%!!! I've already heard about prices dropping in the vacation markets there.

I was talking to one Australian about 2 years ago. He said that "there will be no property bubble here!" I replied that sounds just like what a friend of mine said when I advised him not to buy a $800,000 track house here in California in 2005, only to lose $250,000 when he sold it 3 years later. The Aussie replied, "This ain't California mate!". I shook my head as it appeared to be deja vu.

Please read this article by Jordan Wirsz.

http://www.heraldsun.com.au/news/more-news/bloodbath-to-hit-australian-real-estate-property-analyst-jordan-wirsz-says/story-fn7x8me2-1226249691558?source=patrick.net#story

Follow the San Luis Obispo property scene at my web site- www.myslohomefinder.com

Thanks!

Mike

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Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Interesting info Mike, I've not heard that. Last thing I knew was their market was booming, I was there in 2010. Although I'm sure there has been a lot of foreign investing there...everything is so very multicultural. Guess time will tell.

Jan 24, 2012 11:21 AM

Mike Hendrickson

Premier Agent Network - San Luis Obispo, CA

Fine Homes, Short sales, excellent client services

There is an Aust. high school girl that is staying with my friend as a foreign exchange student. She said she loves the US because everthing is so cheap compared to Australia, everything from cloths, food, cars, and yes even housing.

Thanks for your comments.

Jan 24, 2012 01:33 PM

Doug Rogers

RE/MAX Coastal Properties - Destin, FL

Your Real Estate Resource!

It's a dream of mine to one day visit Australia. Sad to hear they are having tough times as well.

Jan 25, 2012 02:50 AM

The world is tied together! Eventually a downturn hits all. I start wondering when I hear the saying, "It's different here! Or it's different this time!"

Jan 25, 2012 03:09 AM

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Mike Hendrickson

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