Australian Property May 2017
Australian property is looking fragile, particularly in Sydney and Melbourne. Some factors that suggest we are at the calm before the storm:
- Ever more properties on market
- Selling booths for apartments back in malls
- Several hundred new apartment buildings under construction in Sydney
- New building approvals fall
- Crack down on interest-only loans
- Price growth slowing or falling
- Auction clearance rates falling
But best of all, a local fund manager, Phillip Parker, has sold everything and returned the cash to clients. He says the Australian economy is in trouble but that “the overheated local property market … was the clearest and most present danger”
I have attached a link below to an article interviewing him. Interesting times ahead, in the Chinese meaning of the phrase.
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