North Queensland Housing market to Collapse
#1
Forum Regular
Thread Starter
Joined: Aug 2008
Posts: 57
North Queensland Housing market to Collapse
Recent financial events with projected redundancies in the mining sector predict a $100,000 - $200,000 price drop in Mackay, Townsville and Cairns house prices apparently stocks will return to prices of 2000...scary stuff!!!
#2
Re: North Queensland Housing market to Collapse
On the upside thou':
I just got of the phone from speaking to my colleague and we both agreed, if you're going to unemployed be unemployed in a hot country!
I just got of the phone from speaking to my colleague and we both agreed, if you're going to unemployed be unemployed in a hot country!
#3
BE Enthusiast
Joined: Apr 2008
Posts: 330
Re: North Queensland Housing market to Collapse
Yup our theory at the moment ride the storm in some sunshine !
#4
Re: North Queensland Housing market to Collapse
And who the hell would part with several hundred thousand pounds now?
In edit I add that to be honest, I'm not sure I would buy a house even at 50% off, frankly. Way too uncertain about these markets.
#5
Re: North Queensland Housing market to Collapse
Good news for some who hope to be on their way next year.
#7
Re: North Queensland Housing market to Collapse
Depends what you read.Fall in interest rates allows more buyers into market I aint worried
#9
Re: North Queensland Housing market to Collapse
1. The cut in rates is an emergency measure to stop, basically, the entire global banking system from collapsing, it is not about getting people to continue buying houses they can't afford.
2. The average house is now so over-valued that many people have to borrow ten times their salary to "buy" it. This cannot go on. If more people understood how compound interest worked it wouldn't happen of course, but they don't, so it does.
3. The average house in the 1920s cost the equivalent of £15,000 today, so you can see from that how out of control things have got.
4. Reference the above points, I htikn even the most stupid of society now recognise houses are chronically unaffordbale and that a crash is on the way. Most people will be and should be very reluctant to buy now, and will simply "wait it out", which will force prices down.
5. Banks might have lowered their rates a little, but they still demand a massive deposit (in the UK at least). MOst people will take years to save this money, thus delaying the from buying and driving prices down.
Basically, I cannot see the housing stock being successfully reinflated, even though our insane governments are trying to do this to inflate their way out of their debt. I think, in the immortal words of GWB, this sucker is going down.
#11
Re: North Queensland Housing market to Collapse
House prices have to drop because people can no longer service the loans, young people have no chance and the banks will not lend now unless sizeable deposit.
One thing I have always known my house is my home not an investment.
One thing I have always known my house is my home not an investment.
#12
aka DORIS
Joined: Sep 2006
Location: qld
Posts: 1,584
Re: North Queensland Housing market to Collapse
thanks
#14
Re: North Queensland Housing market to Collapse
Please tell me where is careful i'm looking at which bank accounts to happen when we arrive in Cairns in januaryand I have to say I am quite nervous about my money being protected, I am already locked into an exchange rate for all my money or else it would stay in the Northern Rock with 100% guarantee .
thanks
thanks
#15
Re: North Queensland Housing market to Collapse
IMO Aussie certainly stronger than UK due to larger financial services sector there (UK), but not safe from this monster by a long way.