Philip Soos notes eight of the nine substantial property price increases over the last 131 years have resulted in a decline. He can’t see why the largest increase on record would not precede another drop now. Soos does not buy the argument that Australia is suffering from a “chronic housing shortage”, saying property prices have continually experienced boom-bust cycles regardless of population growth.
BLOG: housing
What a party; what a hangover!
Asset prices falls come straight off our personal equity, our savings, while liabilities – mainly the home mortgage – are payable in full with interest from after-tax incomes. Returning to – overshooting – the long-term land price average is going to be quite an experience for anyone with big borrowings.
Don’t Buy Now! campaign saves buyers $58,000 in one year
28 March 2012 Young homebuyers who took Prosper Australia’s advice - Don’t Buy Now! - exactly a year ago have typically saved themselves $58,000. “I congratulate everyone who stood aside from this dreadful Ponzi scheme known as the Australian property market,” Prosper...
Prosper sees property price falling 15%, perhaps 20% in 2012
23 February 2012 • Potential First Home Buyers wary of commitment • Volume of stock for sale a swollen flood • Consumers dis-leverage Australia-wide • Banks unwilling to finance credit creation Prosper Australia predicts substantial house price falls this calendar...
Australia deserves better property sales data
12 January 2012 Prosper calls for timely, rigorous and transparent statistics on property sales to be collected by the ABS. “Property is the single largest asset market in Australia – worth around $5 Trillion,” Prosper Australia Campaign Manager David Collyer said...
A New Year’s Resolution – Don’t Buy Now!
The Australian property market ended 2011 on the ground in a foetal position after a serious assault by Harsh Reality. Symptoms include: • A year’s supply of unsold houses on the market • Low and falling building applications • Low and falling finance approvals •...
Developer Levies drive up land prices
10 November 2011 MELBOURNE:- The Growth Corridor Plan announced by the Baillieu Government presents Melbourne with big challenges. How to pay for the massive infrastructure needed is front and centre - and unmentioned in the Plan. “Demand for new and better transport...
“No Visible Means of Support”
photo credit: DrWurmA term employed in Vagrancy statutes to test whether an individual has any apparent ability to provide for himself or herself financially. The Law frowns upon people who make their living outside formal employment. Yet it bows deep before land and...
House price falls steeper that the US
18 October 2011 MELBOURNE:- “House prices are falling in Melbourne faster than US prices did when that property bubble burst,” Prosper Australia Campaign Manager David Collyer said today. “The enormous housing oversupply and sudden buyer caution have dramatically...
The warnings come thick and loud
photo credit: tm-tmOn Sunday 9 October, The Sunday Age published an article by Chris Vedelago Buyers Nibble but No Big Bite. I would link, but can’t see it in The Age online. Here are the money quotes: “But a survey conducted by The Sunday Age found that only 35 per...