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Perth Construction Boom; Land prices in Perth Boom 25% in one year.
Topic Started: 22 Oct 2014, 01:17 AM (4,461 Views)
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Veritas
22 Oct 2014, 04:51 PM
That's easy Mike.

Because there is a construction boom on.

Lots of people are building houses and need somewhere to build them.
Didn't prices also rise in countries which overbuilt?
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doubleview
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skamy
22 Oct 2014, 04:50 PM
Aww come on doubleview, if you accuse home buyers of eating their children, people are gonna think you are one fruit loop short of a full bowl.
Its just a rough and tumble way (which is allowed here) of saying "mortgage servitude for many of our young is not productive".

You have shit like this going, it aint good long term for our society:

http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993
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skamy
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Veritas
22 Oct 2014, 04:51 PM
That's easy Mike.

Because there is a construction boom on.

Lots of people are building houses and need somewhere to build them.
So what is it then: Are loads of people building new homes for themselves? or are loads of people sitting on the edge of bankrupcy about to sell their home for peanuts?

Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Mike you just verified everything I was saying earlier.

How did they manage to do what the US did in 40 years in only a few years Mike. Wake up buddy and smell the roses.

http://www.dailymotion.com/video/x1zcgvo_how-china-fooled-the-world-discovery-finance-business-documentary_tv
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doubleview
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skamy
22 Oct 2014, 03:35 PM
Most bears know the game is up
Yes you are right on this, we do.

The model you describe every day on APF in all kinds of formats with the notion of delving into what happen yesterday is going to happen tomoorow draw is broken.

Driving the economy on the expansion of household debt has been a godsend for boomers and a lot of gen x'ers for20 years but the household balance sheets are now packed to the gills.

Keep on with your disinfo though shill!
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Mike
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Veritas
22 Oct 2014, 12:39 PM
Really Mike?

We have been over this so many times.

Just looking at the FTB data. Number down again. I wonder why.

Look at all that red. And so much more stock just about to hit the market.

Posted Image

http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6401.0Jun%202014

As per the ABS rents increased in Perth during the past quarter and over the year. Care to explain that?

Perhaps all is not as you think it is Veritas.

http://mike-globaleconomy.blogspot.com.au/
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skamy
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doubleview
22 Oct 2014, 05:09 PM
Its just a rough and tumble way (which is allowed here) of saying "mortgage servitude for many of our young is not productive".

You have shit like this going, it aint good long term for our society:

http://www.news.com.au/finance/real-estate/one-in-three-parents-give-children-home-deposit/story-fncq3era-1227033513993
Mortgage servitude is the only alternative to rental servitude. Most people would agree that buying their home was the most long term beneficial decision that they made. Why do you pretend otherwise? Why do you wish for a house price crash? Do you really think that will bring down the big bad banking system?

House price crashes hurt new young buyers more than anyone else.

Is it any wonder that parents help their kids we did. I think the large deposits and LMI requirements are quite unnecessary. The Australian market performed resiliently for banks with much more lenient lending. Young people today are being penalised for a crash that never happened.

If this is pointed out to the banks, they use folk like you and your crash mongering, as an excuse to charge massive insurance premiums.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Mike
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doubleview
22 Oct 2014, 12:59 PM
Of course their are other factors including artificial demand via immigration but this is the main player!
So what you are really trying to tell me is because your personal view point or political is against Immigration you do not factor this into the equation, or simply ignore it.

Well it is going to be a bad few years ahead for you as Abbott & Co are about to let in a flood of migrants and are going to attempt to turn wealthy Chinese into wealthy Australian citizens.

It does not matter if you don't like it, or disagree with it politically you can vote at the next election, but it will happen. If you fail to prepare for this outcome or how to take advantage of it that is you're lost opportunity.

You are standing against the tide.
http://mike-globaleconomy.blogspot.com.au/
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Veritas
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Mike
22 Oct 2014, 05:24 PM
http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6401.0Jun%202014

As per the ABS rents increased in Perth during the past quarter and over the year. Care to explain that?

Perhaps all is not as you think it is Veritas.
I can explain it by saying that the ABS is wrong.

Further, I think the data from the likes of REIWA, SQM and others which, as you know, all tells a story of rents falling in Perth, is correct.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Mike
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Veritas
22 Oct 2014, 05:31 PM
I can explain it by saying that the ABS is wrong.

Further, I think the data from the likes of REIWA, SQM and others which, as you know, all tells a story of rents falling in Perth, is correct.
Really, well you better let the ABS know and while you are at it Residex which shows rents up 4.6%.

Also you might want to know the latest inflation data showed Owner Occupiers are the real cause of house price inflation.

Quote:
 
New dwelling purchase by owner-occupiers (+1.1%),


That was the 2nd biggest factor after fruit and veg for the last quarter. Nothing about investors hmm wonder why.

http://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/6401.0

It appears Veritas your fellow owner-occupiers have jumped ship and are buying up property or building.

http://mike-globaleconomy.blogspot.com.au/
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