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02.11.26 - 03:48
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Down Under, Going Under: Australian Housing Implodes As RBA Hikes Into The Slump (ZeroHedge)
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Down Under, Going Under: Australian Housing Implodes As RBA Hikes Into The Slump
For three decades, the one trade every Australian knew by heart was "buy property in Sydney." Now it's disintegrating.That's the gist of a Bloomberg feature from this summer, titled "One of the World's Longest Housing Booms Is Cracking in Sydney," which at the time read like a slightly alarmist look at a market that was "only" 3.6% off its peak. Two months, one rate hike and a whole lot of downward revisions later, it reads more like the opening chapter. According to the October Cotality data released just hours ago, capital-city prices fell another 1.4% last month and are now 8.1% below their March peak, with Sydney down 9.4% from a year ago. That's already most of the way to Goldman's latest peak-to-trough forecast of -12% (cut for the second time in two months), which would be a historically large drop for a country where housing is, well, basically the economy.And the Reserve...
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Notenbank Australien 8851.39 -0.39% (ASX Kurs)
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