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The Harder They Fall: Moranbah is Australia's worst performing housing market; House values in the remote Queensland mining township dropped nearly 40% in the past year
Topic Started: 27 Oct 2013, 11:53 PM (5,571 Views)
Curious Non-Economist
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hoofarted
10 Jun 2014, 03:27 PM
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Ms. Exposito, who grew up in northern Spain, says she loved the community feel of Moranbah and would hate to see it disappear. She landed in Moranbah in her 20s after moving to Australia and looking for a community that didn't have its own real-estate agency. She says now she spends part of her time consoling depressed residents. She has worries of her own: She owns 20 properties, five of which sit empty.


Too funny.
I would hazard a guess that Ms. Exposito's bank also has worries, they own 20 mortgages, secured by Ms Exposito's properties!

Also interesting is how a childhood in Northern Spain prepares you for life as a real estate agent in an Australian country town.
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Foxy
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Zero is coming...

Would you say it was supply or demand in they case?
Peter :D
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Frank Castle
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Business As Usual

Curious Non-Economist
10 Jun 2014, 11:03 PM
I would hazard a guess that Ms. Exposito's bank also has worries, they own 20 mortgages, secured by Ms Exposito's properties!

Says who?
She may have bought them when they were $20k back in the 80's.

LOL, just looked at the prices, dream on.
http://www.moranbahrealestate.com/
Edited by Frank Castle, 11 Jun 2014, 07:44 AM.
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Drgonzo
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Cue article from Terry Ryder refuting suggestions of a crash in Mooranbah
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goldbug
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herbie
10 Jun 2014, 09:35 PM
roberto
10 Jun 2014, 09:29 PM
True. Let's just hope it stays confined to a few mining towns and coastal tourist spots.
For the sake of the economy and the people generally, Yes.

Though I reckon even a bull would see it as a buying opportunity - Any who weren't bankrupt! LOL
What I find odd in all this is that the truly pointless jobs like coffee shop staffers, dog washers, hairdressers and the like, all seem to be doing just fine? Down on the soutside of brisbane the other day I noticed 2 new hairdresser shops had sprung up. I guess you can lose your $100k a year a job but as long as your hair is neat everyone will think you are doing just fine.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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stinkbug
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goldbug
11 Jun 2014, 09:20 AM
What I find odd in all this is that the truly pointless jobs like coffee shop staffers, dog washers, hairdressers and the like, all seem to be doing just fine? Down on the soutside of brisbane the other day I noticed 2 new hairdresser shops had sprung up. I guess you can lose your $100k a year a job but as long as your hair is neat everyone will think you are doing just fine.
It's because there are a lot of people who still have plenty of money. When you see full hairdressers, coffee shops doing plenty of business, people buying new cars, retail increasing, etc, then you know there are still some people who don't seem to have many financial problems.

When we look at employment numbers we look at all those who might be unemployed or underemployed, forgetting about the millions who are fully employed with no problems.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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goldbug
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That's one way of looking at it. But it doesn't explain all the car yards that are closing up, all the little factories and dress shops and jewelers and on and on. Haircuts coffee and dog washing are all $5 $15 and $25 outlays, if everyone was doing as well as you believe the other businesses wouldn't be closing in droves. You live in canberra stinky, that's an insular city with very little industry if at all. Out in the real economy things are a little different.

Even someone on the dole can afford a haircut and a coffee but these are outlays they could avoid if they had a brain.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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Another Mine to short around Moranbah
http://www.smh.com.au/business/mining-and-resources/downer-edi-loses-360m-bhp-contract-20140611-39wcy.html
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Frank Castle
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Business As Usual

stinkbug
11 Jun 2014, 09:34 AM
It's because there are a lot of people who still have plenty of money. When you see full hairdressers, coffee shops doing plenty of business, people buying new cars, retail increasing, etc, then you know there are still some people who don't seem to have many financial problems.

A Hairdresser opened up near us not that long ago and I thought who the fek would go to it yet every time I drive past the place has customers and the wife tells me they charge around $100 for an hours work.
Same with several nearby cafe's, chock-a-block, every time I go past, sometimes people waiting, $5 coffees and $12 breakfasts soon add up into decent coin if you have turnover.
Nail salon at the shopping center is always busy
Guy over the road still gets his yard mowed, pool taken care of, dog washed and car washed regular as clockwork .

For many, it's business as usual.
Edited by Frank Castle, 11 Jun 2014, 01:14 PM.
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Curious Non-Economist
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Frank Castle
11 Jun 2014, 07:42 AM
Says who?
She may have bought them when they were $20k back in the 80's.

LOL, just looked at the prices, dream on.
http://www.moranbahrealestate.com/
Riiiight .... she landed in Australia with 400K and bought 20 properties in Moranbah. Okaaaayyyyy.

$859K for a weatherboard queenslander in Moranbah, QLD. Cool.
http://www.moranbahrealestate.com/Moranbah/Queensland/Homes/Moranbah/Agent/Listing_54615570.html

I wonder how many of the properties on Bella's website belong to Bella.
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