Looks like all the economists and property spruikers are slowly coming to the realisation that property will struggle over the mid-term.
Decade of house pain predicted
I'm just wondering, for all the people on here that believe everything the RBA and economists say, and say why listen to us D&G rather than the experts economists, whether this from leading economists changes your tune. The "experts" have gone from saying 20% gains the next 3yrs, to "continue their single-digit slide into 2012 before stagnating for five to 10 years"
The economists are improving slowly, but are still yet to realise that Australian property is in for a 30% correction. Given they are already changing their tune from CG in the next 3yrs, maybe eventually they will realise what the D&G already forsee.
Decade of house pain predicted
I'm just wondering, for all the people on here that believe everything the RBA and economists say, and say why listen to us D&G rather than the experts economists, whether this from leading economists changes your tune. The "experts" have gone from saying 20% gains the next 3yrs, to "continue their single-digit slide into 2012 before stagnating for five to 10 years"
The economists are improving slowly, but are still yet to realise that Australian property is in for a 30% correction. Given they are already changing their tune from CG in the next 3yrs, maybe eventually they will realise what the D&G already forsee.
MELBOURNE'S property market is likely to remain in the doldrums for the next 10 years.
The bleak outlook comes from a group of the country's leading economists who warn the city's bricks and mortar are fundamentally overvalued.
The good news for homeowners is that AMP Capital chief economist Shane Oliver and Grattan Institute program director Saul Eslake - the ANZ's chief number cruncher for close to 14 years - say Victoria will avoid a US-style property crash which saw prices plunge by 30 per cent.
Instead, house prices will continue their single-digit slide into 2012 before stagnating for five to 10 years as wages catch up with a median house price which has climbed 133 per cent since 2000.
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