Posted by: Steven Shaw | July 31, 2008

Debt tsunami – price drops in all captial cities

See article on Bloomberg entitled Australia Facing `Once-in-100-Year’ Housing Slump.

The data from Residex showed that there were prices drops between 0.6% and 2.2% across Australian capital cities. The median Australian house dropped 3%. One analyst predicts 30% drops by 2010 and a spokesperson from the Salvation Army calls it a “debt tsunami”. The tide certainly does seem to be heading out a long way…

Note that the article does not mention which month the Residex data is for. i.e. May, June or July. I imagine it’s June.

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