http://finance.news.com.au/story/0,10166,17413424-462,00.html
“AUSTRALIA has beaten the world in over-valuing its homes – and property owners should prepare for price falls until late next year.
A Organisation for Economic Cooperation and Development (OECD) report into housing markets in the world’s richest nations has found Australia is the most over-valued property market.The report was prompted by sharp spikes in property prices in developed nations in recent years.
The OECD found the estimated over-valuation of Australian homes in 2004 was 51.8 per cent. The next highest over-valuation was in Britain at 32.8 per cent. “
Here’s the actual report…
well, lets be honest, i got to page one….
Now, lets get back to life in ’05 whilst it is still ’05, then i suggest we focus on ’06.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbaneand lots of graphs and numbers, so the conclusion must be correct.
wouldn’t invreased immigration, lack of housing, changes to lending policies etc. cause a change in the value of a property? to say something is overvalued because it is only attributable to the fact that more people want to buy it is an odd statement. is oil over valued?
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Why is Australia being lumped in with “the world’s richest nations”. ??
The world’s richest nations are typically invited to the G-8 summit.
We’d still be on the outside, with our face up against the pane of glass trying to look in during a gathering of the G-30.
If we just stopped pretending that we are a “player” on the world’s stage and, as they say in the business world, stuck to our knitting, maybe, just maybe, we’d be able to raise our economy to a level where it would form a blip on the world’s stage.
At the moment we hardly classify as a blipette.
good point. increase the population 10 times and develop some depth to the economy and we could be a player.
now that would cause a boiling property market!
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
Paleez, give us some credit, we vacillate around the low teens, 13th being the last I heard and we were as high as 6th somewhere in the 50’s-60’s.
We are an extremely wealthly nation and if you divide latent natural resources by population we are the potentially the wealthiest.
The real problem in Australia is that while the politicians look to give us a $10 per week tax cut the real issue is that as the population ages and many of those people will not have enough money to retire on there will be less money being spent within the economy. While the economy is awash with funds from GST revenue we should be doing two things, firstly we should be putting in money into infarstructure spending and secondly we should be looking at ways to encourage people to save money. Keep in mind that in New Zealand when the GST was introducted in the 80s they also abolished Stamp duty and capital gains tax. Even if we sad that if you own an investment property for 15 years then you are capital gains tax exempt. This would at least reward people for long term savings. Unless we start to address some of these issues you have to ask what will drive capital growth in the future.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand The United States Property Researcher and education
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