Quick question , if constrictions booming, and most in nsw as they say here, then why did boral lay off 700 workers only last week with the majority of job loses in NSW, again the facts dont match the bullshit .
So much for your construction boom shadow, whats the saying, easy come,easy go........
Shadow is a liar.
Here is the truth. And guess what, there has been a crash in the industry, not a boom. Bear in mind this report is from a vested interest. But only Shadow it seems is willing to still delude himself about the truth in Sydney consruction.
Quote:
(Giro Construction Group was founded in 1991 providing superior quality residential and commercial construction)
The year 2012 proved to be a watershed for the building industry in New South Wales. It witnessed hundreds of collapses and insolvencies with several companies in the construction business entering administration owing millions of dollars in loans and performance bonds, announcing bankruptcy and slamming their shutters down. The biggest names in the industry such as Reed Constructions, St. Hilliers and Kell and Rigby faced enormous losses this year. Building statistics suffered a massive blow, throwing thousands of workers out of jobs, bringing major real estate projects to a halt and raising the anxiety of millions of customers who had invested in these projects.
The recent changes in the building sector have been quite unexpected and reflect dramatically in the following indicators:
Building approvals in Feb 2012 were 14.6% lower than a year ago Home loan approvals in January 2012 down by 1.2% Value of loans down by 7.1% Number of new home loans approved down by 6%
Affects on residential building sector: With a 6.3% slump in residential finance, employment in the real estate sector suffered a major blow. The construction sector remained victimised for most part of the year. However, the crash had a direct bearing on several other sectors such as finance. The flow-on effect of the slump was reflected in the loss of jobs in the banking sector. The only plus was increased employment in insolvency practices that stood to benefit from the adverse conditions.
Affects on commercial building sector: Unfavourable conditions in the retail sector had a direct bearing on the commercial building industry as well as thousands of retail shop owners struggled to pay their rents. Up to 24,000 unsecured creditors, including both suppliers as well as subcontractors have dues to pay, some of which go up to millions of dollars!
The After-effects
With almost every major player in the building business identifying the factors that led to closures and bankruptcy, efforts are now being made to buy out the debt providers, even if at a new loss, and form new entities that can have sufficient working capital to start from scratch. At the same time, with the intention of a turnaround, several building companies are now looking for partners who can bring operational as well as financial expertise to the table and help to move things forward. Supply chain management is another key area that is being addressed to establish a fool-proof model that will stand the test of time, and of course of a volatile economy. There is no doubting the fact that the NSW building industry is gearing up for a turnaround!
Here is some good news from the article, but it's the usual, indications, bullshit.
A significant increase in approvals of units and townhouses, especially in major urban markets is indicated. Stronger near term growth in Sydney is indicated.
Construction in Sydney has been crashing for a year, Shadow is a liar.
Negative gearing is a form of leveraged speculation in which a speculator borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan
A negative gearing strategy can only make a profit if the asset rises so much in price that the capital gain is more than the sum of the ongoing losses over the life of the speculation. http://en.wikipedia.org/wiki/Negative_gearing
A sock puppet suddenly arrives to correct my spelling, how typical of a housebug who has been totally PWNED. How sad.
"effects" "effects" Happy now, sockie sockie?
Negative gearing is a form of leveraged speculation in which a speculator borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan
A negative gearing strategy can only make a profit if the asset rises so much in price that the capital gain is more than the sum of the ongoing losses over the life of the speculation. http://en.wikipedia.org/wiki/Negative_gearing
Shadow is a liar Shadow it seems is willing to still delude himself Shadow is a liar
If you think the steady rise in dwelling approvals since early 2012 is a lie, then you should take it up with the ABS. I'm just going on the official data.
Quote:
Here is some good news from the article, but it's the usual, indications, bullshit.
A significant increase in approvals of units and townhouses, especially in major urban markets is indicated. Stronger near term growth in Sydney is indicated
Yes, and that's what the ABS data shows. So you think the ABS, and the article you quoted, are both lying.
You been wrong for so long, your opinion is irrelevant
LOL, funny stuff coming from the guy who predicted house prices would crash 40% from 2009 levels and iron ore would settle at $80/tonne.
How's that 40% crash from 2009 levels going anyway? Oh yes, prices are higher than they were in 2009, and rising.
So Bullion Baron could only find half a dozen failed predictions? Considering I must have made hundreds of predictions over the years, the fact that he can only find half a dozen incorrect ones after obsessively trawling through all my posts across multiple forums really does suggest that my record is pretty good.
Of course, my overriding prediction since I started posting on these forums is that house prices would not crash. I've been saying this consistently since 2007.
And half of those so called 'incorrect predictions' Bullion Baron posted on his fail forum are in fact successful... for example...
Quote:
June 2010 claim: "It's the likes of you, Slappi, Wulfie, Earthsta, Clogwog and the other bears here. You'll all vanish in a year or two" http://www.creditcrunch.co.uk/financial ... Reality: Shadow was hopelessly wrong. 2 years on and most (all?) of these bears are still posting on forums such as APF, Simple & Sustainable or still on Credit Crunch.
Slappi - gone. Wulfie - changed his identity. Clogwog - gone. Most of the Credit Crunch bears have vanished or taken up new identities. I was absolutely right.
But the funniest thing is, despite getting a few predictions wrong, I am still making money since I got the most important prediction right - i.e. no crash, so my properties are all up in value and now positively geared bringing me in a nice steady income each month.
Of course, as we all know Earthsta is a renter and will rent forever.
Bullion Baron sold his home in Adelaide in late 2009, hoping to buy back later after price crashed. Adelaide prices today are pretty much the same as they were in late 2009, so if he bought his own house back now he wouldn't even break even, considering agent fees and stamp duty and all the rent he has paid over the past three years. Never mind the hassle of moving house and living under the control of a landlord for all that time.
Catweasel say that mouzealot simply mimic what it see everyday from its experts and media.
So is its behavior surprising? Maybe mouzealot simply showing sandpit folly of how mouse interpret ridiculous of prediction industry and how it permeate the skull.
Of course, pulling its pants down for shock the value probably play part in its behavior.
But that behavior partly phenomenon of internet where it can be a anonymous.
The first ABS building approvals update for 2013 indicates that new home building activity will this year fall short of both RBA expectations and the Australian economy's requirements, according to Housing Industry Association (HIA) chief economist, Harley Dale.
Dale says building approvals in January, 2013 fell for a second consecutive month, falling back below the 13,000 mark – and would have been worse if not for one market segment stepping up.
"The headline January decline of 2.4% would have been weaker if there hadn't been a 3.3% rise in detached house approvals, a component that continues to miss the mark overall. Even with that monthly rise, approvals for detached houses were still down by 1% over the three months to January.”
He says the signal from leading housing indicators is that if, if the country does see a recovery in new housing starts in 2013, that recovery will fall ‘well short’ of what the RBA is looking for.
“We would hope our central bank is very cognisant of that situation ahead of a decision on interest rates due [today]. Interest rate reductions are part of the equation, but federal and state governments also have to provide policy solutions to a lack-lustre new home building outlook. If policy makers haven't woken up by now to the fact that interest rate cuts can't do all the heavy lifting then they need a louder alarm.”
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