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Steve Keen: Australian housing bubble began to burst in 2012 but has been given new lease of life; Is there an Australian property bubble? The experts have their say
Topic Started: 4 Oct 2013, 03:04 PM (4,633 Views)
themoops
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Shadow
4 Oct 2013, 03:39 PM
I thought Steve Keen was an ex-professor? Isn't his old employer suing him?

Professor Steve Keen accused of serious misconduct by University of Western Sydney (UWS)

Anyway, Steve seems to just be making stuff up as he goes along now.

What bubble began to burst in 2012? Australian house prices started rising again in 2012 (they fell from mid-2010 to mid-2012).

Where is the evidence that 50% of property is bought by non-residents?

This is just embarrassing... total made up nonsense from Steve Keen.
He said "new property" dipshit.

It's a fair assessment of the market, when the rich Chinese run out, it's gonna crash.

If IRs go up by even a pissy amount, it's gonna go down.

You are an embarrassment to humans.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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Pig Iron
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Bogan scum

i think it would be accurate to say my left nut has greater intelligence than you turnip.
I am the love child of Tony Abbott and Pauline Hanson
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miw
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Pig Iron
5 Oct 2013, 10:55 PM
i think it would be accurate to say my left nut has greater intelligence than you turnip.
Yeah but your right nut is a f***ing idiot.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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MassPsychology
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What does GPG mean in context of Skamy's post? I've never seen that acronym before. I've had a bit of a look around on the net and can't seem to find anything related to economics that uses that acronym. Also not to nit-pick but is it possible to post your sources for that information as well?
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skamy
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doubleview
4 Oct 2013, 07:38 PM
Skamy wtf is this crap!

Nothing about interest rates in those countries!! convenient!!
Not crap doubleview, sorry again to bust your bubble dreams, this data is from the two most used global property price information websites,quoted regularly in the media and used by international investors. I put it together a couple of months ago but you can recheck the data at source.

Sorry they prove the lies of the people that would tell you Australia is overpriced and feed you a dream of a very very unlikely property crash.

Veritas - as Strindberg says you have made the error not me, I wont wait on your acknowledgement of this as you are always too cowardly to retract your mistakes aren't you?

The fact is the Australian house prices are very reasonable by any International comparison. We also have some of the largest homes in the world, eg the Median home in the UK is about 90sqm.
Only a fool would believe crash spruikers who would tell them out and out lies about this, some of these sites like MB hound people for money by promoting lies like this to make silly people make bad financial decisions.
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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MassPsychology
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skamy
6 Oct 2013, 11:05 AM
this data is from the two most used global property price information websites,quoted regularly in the media and used by international investors.
What websites is the data from? the "source" for these pictures are just a social network (they're hosted on flickr)
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skamy
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MassPsychology
6 Oct 2013, 04:31 PM
What websites is the data from? the "source" for these pictures are just a social network (they're hosted on flickr)
http://www.numbeo.com/property-investment/gmaps.jsp
http://www.globalpropertyguide.com/Pacific/Australia/price-rent-ratio

I collated the price to rent data a couple of months ago and tabulated it and stored it on flickr
Edited by skamy, 6 Oct 2013, 04:42 PM.
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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Kai
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skamy
6 Oct 2013, 11:05 AM
Not crap doubleview, sorry again to bust your bubble dreams, this data is from the two most used global property price information websites,quoted regularly in the media and used by international investors. I put it together a couple of months ago but you can recheck the data at source.

Sorry they prove the lies of the people that would tell you Australia is overpriced and feed you a dream of a very very unlikely property crash.

Veritas - as Strindberg says you have made the error not me, I wont wait on your acknowledgement of this as you are always too cowardly to retract your mistakes aren't you?

The fact is the Australian house prices are very reasonable by any International comparison. We also have some of the largest homes in the world, eg the Median home in the UK is about 90sqm.
Only a fool would believe crash spruikers who would tell them out and out lies about this, some of these sites like MB hound people for money by promoting lies like this to make silly people make bad financial decisions.
Australia definitely has the most overpriced property in the world. People say its HK but that is only because they have never bought property in HK.
I can buy a modern 2 Bedroom Apartment close to public transport and all other amenities for $AUD250 000 can be cheaper.
With no expensive and ongoing "strata" fees. Can you do that over there? I tried and failed.
Even $250 000 is expensive for some people here in HK but shelter is the biggest expense. We pay less than $AUD1 for a beer, $AUD5 for a meal.
I do business in both countries and need a base in both but I cannot afford to buy where I need to in Australia.
I am only one man but business is made up of men like me. Your house prices must lose you business.
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Massive
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skamy
6 Oct 2013, 04:40 PM
http://www.globalpropertyguide.com/Pacific/Australia/price-rent-ratio

I collated the price to rent data a couple of months ago and tabulated it and stored it on flickr
Geez Skamy - thanks for the link : further reading on that website reveals:

http://www.globalpropertyguide.com/Pacific/Australia/Price-History

Quote:
 
Among the seven developed nations covered by the 2013 9th Annual Demographia International Housing Affordability Survey, Australia ranks third as most unaffordable major market.

In 2012, Australia’s major market had a Median Multiple of 6.5, compared to the international norm of three times household income. However, this was actually an improvement from 6.7 Median Multiple recorded in 2011. Overall, out of the 39 Australian markets surveyed, 30 of which were rated “severely unaffordable” (Median Multiple of 5.1 and above), while 9 markets were tagged as “seriously unaffordable” (Median Multiple between 4.1 and 5.0).

Sydney continued to be one of the most unaffordable major markets next to Hong Kong and Vancouver, and is the least affordable market in Australia, with a Median Multiple of 8.3. Outside the major markets, the Port Macquarie, located in New South Wales, is the most severely unaffordable market, with a Median Multiple of 8.6.


Though :
Quote:
 
Australia’s housing market is showing signs of recovery, backed by lower interest rates and improving affordability.


In addition : regarding Aussie Bubble from same link.

Quote:
 
The strength of Australia’s housing market through the great recession has amazed observers, who had predicted that Australia would suffer one of the worst housing market crashes, because of a perceived house price overvaluation.

Australia has avoided a crash for these reasons:

There are housing shortages, due to a rapidly growing population
Strong overseas migration from 2004 to 2007
Australian household sizes are shrinking
Lending standards are stricter than in the US
Mortgage interest rates have been at record lows
The government helped first-time homebuyers, introducing a AU$10.4 billion (US$7.24 billion) stimulus package in October 14, 2008 - around 1% of GDP - which included the First Home Owner Boost Scheme (FHOB), which raised the First Home Owner Grant (FHOG) from AU$7,000 (US$6,419) to AU$14,000 (US$12,838) for existing dwellings, and to AU$21,000 (AU$19,257) for newly constructed homes. However, the FHOG reverted back to $7,000 in December 2009 in NSW, and reduced it in other states.


Did you intend to endorse a bearish commentator Skamy, or you forgot to read the footnotes ?
Edited by Massive, 6 Oct 2013, 06:46 PM.
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mango66
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Shadow
4 Oct 2013, 03:39 PM
I thought Steve Keen was an ex-professor? Isn't his old employer suing him?



Anyway, Steve seems to just be making stuff up as he goes along now.



This is just embarrassing... total made up nonsense from Steve Keen.
And you are ........?
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