Australia's housing collapse is now in full swing. A recession will follow shortly.
Inga Ting, Geoff Thompson and Alex McDonald provide and excellent set of graphics and information on the bursting of Australia's housing bubble at House of Cards.
Home prices in more than four out of five council areas have reached their peak and are sliding towards an unknown nadir, according to the latest figures from property market analyst CoreLogic.
As the slump moves into its second year with little or no prospect of rebound, the downturn in capital city property markets threatens to drag down the rest of the economy.
And with a mixed outlook for the global economy, doubts are surfacing about where Australia is going to find the fuel to extend its near-record run of 27 years of unbroken economic growth.
Yearly Change in Median Dwelling Value
The graph in the article is interactive with a choice of eight cities. Sydey displayed above.
Major Declines Since 1980
Click on the graph for an even larger image.
Perth and Darwin have been clobbered. Sydney is in the works.
Every Bubble is Different
I also like this Tweet in response.
I believe this person means 2019 not 2018
The VIC debt accelerator continues to fall.— Philip Soos (@PhilipSoos) December 12, 2018
The DA of May-2018 determined the Nov-2018 MEL annual house price result of -7.6%.
The DA was 1.9% in May-2018; it has now fallen to -7.5% in Oct-2018, indicating MEL prices will decline more rapidly through to Apr-2018. pic.twitter.com/r4KWmLCCtw
Party is Over
There is no way Australia avoids a recession. I don't care what the central bank does.