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 Post subject: Re: Ominous signs in Australia
PostPosted: Tue Oct 30, 2018 12:35 pm 
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Back Home with Mammy

Joined: Jul 24, 2018
Posts: 71
yoganmahew wrote:
Blindjustice BATONEFFECT wrote:
Quote:
Westpac Group, the nation's second largest lender, is giving risky property investors less than a month to find another lender amid growing concerns about the impact of rising rates, falling values and oversupply.

The bank is sending a single-page letter to investors warning it can "no longer support our commercial relationship with you", adding it will work with the borrower to help them find a new lender.

Victor Kumar, a director of Right Property Group, a buyers' agency, who has seen the letter sent to property investors, said: "This is of concern because they have used the banking system to get these loans."

The brief letter informs borrows Westpac is a responsible lender, claims it can no longer support the relationship and volunteers to help them find another lender, he said.


https://www.afr.com/personal-finance/we ... 924-h15s1a

:shock:

Uh-oh - it's too late to leave the party, well, it is when you are so drunk you can't walk.



I dont get it
Are they on about future lending?
Can I assume they have packaged all there existing (billions/trillions) loans to third parties i.e. you and me and pension funds?


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Oct 31, 2018 12:51 am 
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https://www.news.com.au/finance/busines ... dd171fc571

Quote:
ANZ has blamed “strong headwinds” in the housing market and the fallout from the banking royal commission for a 5 per cent drop in full-year cash profit to $6.487 billion.


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 Post subject: Re: Ominous signs in Australia
PostPosted: Thu Nov 01, 2018 1:40 am 
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Quote:
Sydney’s annual price change has been revised down heavily, from -6.3% to -7.4%

https://www.macrobusiness.com.au/2018/1 ... downwards/


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Nov 07, 2018 2:00 pm 
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podcast
https://abcmedia.akamaized.net/radio/lo ... gomery.mp3

Quote:
Have a listen in to Roger Montgomery on the on ABC yesterday here. Fast forward to Sally at 24 minutes who is a realtor managing some large settling apartment blocks in South Bank, Melbourne. Her story of Chinese buyers left high and dry should give everyone pause for what’s coming down the pipe in terms of defaulting developers and forced stock sales:


https://www.macrobusiness.com.au/2018/1 ... partments/


another interesting sign
https://forums.whirlpool.net.au/forum-r ... ?t=2762040


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Nov 07, 2018 2:26 pm 
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Blindjustice BATONEFFECT wrote:

Really interesting perspective about retirement develops at the 40 minute mark, I hadn't thought about the inability in a falling market to raise the downpayment that developers would need to begin.

I reckon the Irish Fair Deal scheme could be adapted further to bridge that gap. It would actually allow people stay out of nursing homes longer if they can transition to a semi independent living developments.

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 Post subject: Re: Ominous signs in Australia
PostPosted: Thu Nov 08, 2018 8:07 am 
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Darwin bites the dust

Quote:
Real estate sales in the Northern Territory have dropped about $1.2 billion in the three years since the height of the gas boom, an industry body says.

The June quarterly report from the Real Estate Institute of the Northern Territory put the total value of house and unit sales in the NT last financial year at $1 billion.

President Quentin Killian said it represented a 53 per cent drop since 2014-15, when sales totalled $2.24 billion.

"I knew that we were in a tough market, but when you see it written down in numbers like that, that is a massive drop in revenues that are coming in," he said.

The median house price in Darwin in the quarter to June this year was $500,000, a 19.4 per cent drop on the same period three years ago.

https://www.abc.net.au/news/2018-07-29/ ... m/10048784

nearly a 20% drop and its still totally crazy for a place like Darwin


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 Post subject: Re: Ominous signs in Australia
PostPosted: Thu Nov 08, 2018 8:43 am 
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Joined: Jun 13, 2008
Posts: 811
Blindjustice BATONEFFECT wrote:
Quote:
Chinese nationals are buying Australian vineyards and wineries at unprecedented levels, with up to 10 per cent of South Australia's iconic Barossa Valley now in Chinese hands.



https://www.abc.net.au/news/2018-10-27/ ... y/10429078

Communist party wine

Quote:
as of June 2017, its records stated 13.6 per cent of all agricultural land was foreign held


Australia already selling off the silverware


The usual stashing of assets overseas. They also create their own brands and sell through their own channels (vertical integration).
The thing is though a lot of that land is only worth something if you have the water and mineral rights.
Large regions of Australia are suffering from long-term climate change.


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 Post subject: Re: Ominous signs in Australia
PostPosted: Fri Nov 09, 2018 4:03 am 
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https://www.smh.com.au/business/banking ... 4z1xf.html

https://www.brickx.com/

Old(ish) news but the mentality only a months ago was totally different - buying single bricks in a house as an investment.
Backed by a major bank.

Quote:
BrickX is an award-winning platform that provides a simple and low cost way to access the property market.

Australians can now instantly buy Bricks, the new way to invest in residential property.


Read more at https://www.brickx.com/#2DHDguc7PJqhMBRJ.99


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 Post subject: Re: Ominous signs in Australia
PostPosted: Tue Nov 20, 2018 3:20 am 
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Quote:
Even more worrying is the estimated households in severe stress, who are unable to meet repayments from their current income. DFA estimates more than 61,000 households risk 30-day default in the next 12 months.

https://www.news.com.au/finance/real-es ... 61e8cea0d7


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 Post subject: Re: Ominous signs in Australia
PostPosted: Tue Dec 04, 2018 3:17 am 
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https://www.afr.com/real-estate/sydney- ... 126-h18e42


Quote:
Sydney property owners trying to flip houses face losses as prices fall


Image
Quote:
A property in Newtown that sold for $1.3 million last year is now on the market for $1.225 million despite being newly renovated.


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Dec 05, 2018 2:12 am 
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http://www.abs.gov.au/ausstats/abs@.nsf ... num=&view=

http://www.abs.gov.au/ausstats/abs@.nsf ... num=&view=

GDP 0.3% for the quarter, expected 0.6%, previous 0.9%

Quote:
ABS Chief Economist, Bruce Hockman, said: “The household sector drove domestic growth with increased consumption supported by moderate rises in household income.”

Household consumption rose 0.3 per cent driven by non-discretionary spending on food and housing. Spending on discretionary items slowed during the quarter. Household gross disposable income continued to grow at a slow pace due to moderate growth in household income being partially offset by a rise in income tax payable.
The subdued growth in gross disposable income coupled with an increase in household consumption resulted in the household saving ratio declining to 2.4 per cent in the September quarter. This is the lowest saving rate since December 2007.


Bracket creep holding things down because of very poor income growth.
GDP is now positive because of non-discretionary spending ................... :shock:

The crash hasnt even begun. 2019 will be a economically dark in the sunny country and it will last a few years.


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Dec 05, 2018 2:23 pm 
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Aussie politican singing in Parliament....I enjoyed this....


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 Post subject: Re: Ominous signs in Australia
PostPosted: Wed Dec 05, 2018 10:09 pm 
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Quote:
Is Australia facing a lost decade in living standards?


Quote:
even during a period of extremely strong employment growth, household living standards went backwards, and they are continuing to do so now that employment growth is slowing.

It begs the even more worrying question of where this leaves us should the economy itself begin to slow


https://www.theguardian.com/business/gr ... -standards


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 Post subject: Re: Ominous signs in Australia
PostPosted: Sun Dec 09, 2018 10:45 pm 
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https://www.smh.com.au/politics/federal ... 50l7i.html

Quote:
'Prepare contingency plans': OECD warns Coalition government on falling house prices


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 Post subject: Re: Ominous signs in Australia
PostPosted: Mon Dec 10, 2018 11:28 am 
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Joined: Feb 24, 2008
Posts: 1639
Quote:
In a major departure from its past assessments of the Australian economy, the Paris-based think tank has cautioned the Morrison government to start planning now for a house-price induced downward spiral that would end the nation's unparalleled run of growth.

Is this true?


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