How much puff does Sydney have left?
I'm a complete novice on the Perth market, but can a Perth local answer me this: with the mining boom ending, what other industries are actually driving the Perth economy?
I know there is the wine region, some minor tourism, and maybe some tertiary education; but these are all pretty small. Assuming the mining booms departure; basically I want to know: what drivers will keep Perth property demand high, and thus see property there performing?
I know there is the wine region, some minor tourism, and maybe some tertiary education; but these are all pretty small. Assuming the mining booms departure; basically I want to know: what drivers will keep Perth property demand high, and thus see property there performing?
mining employs less than 10% of the workforce. Mining is still a strong industry, just not flat to the floor mental! Industries... same stuff as everywhere else. Serving coffee to each other, bakers, candlestick makers etc
I think everyone on the outside can spot a bubble (takes one to know one??). everyone on the inside thinks there is a new found utopia.am surethe reverse was true in 2006
I guess most of the mining happened far away from Perth anyway. Although a counter argument to that is a lot of that money probably still ended up flowing to Perth. It was closer for the miners to setup HQ there and the closest place for the cashed up workers to go splash out. I would think in aggregate it contributed quite a lot.
most of the big mining houses are HQd in Melbourne (or overseas like London). Share ownership is spread all over the place, nationally and globally. FIFO workers come from far and wide, from Brisbane, NZ, Busselton, you name it. Falling royalites to the WA govt diverts GST back to WA, falling royalties from petroleum to the fed govt, along with petroleum rent resources tax exacerbates the federal fiscal problems. Mining and oil falls are a national problem
Agriculture, education, construction all doing ok. Commercial construction is stuffed in some aspects but a lot of civil projects going on atm as well as existing residential projects.
.we also have some of the highest paid public servants in australia, nurses, teachers and cops are paid pretty well here.
The economy is not as diverse as it should be but at the same time more diverse than a lot of people give it credit for.
There's a reason why the wa premier asked for, and got, a fair amount of money from the commonwealth govt
...Brisbane did not.
Because they were doing poorly? I thought it was because they simply didn't get their fair share? Or is it a bit of both?
From what I know, they never asked for any...I can only presume it's because they had enough in the tank.
Whoops! Ticked the wrong box!
Correction: As I cannot edit a poll choice once it's posted please note that I inadvertently checked the -15% instead of the preferred +15%!
My thoughts for what they're worth: Sydney cannot grow indefinitely and despite the factors currently affecting price growth, it will eventually cool and plateau for a period of time. Who knows how long this will be? No one, as it will ultimately depend on monetary and economic policy (we all know how this can impact markets
). However, despite the head-shaking of older investors, the FOMO activity of local buyers and the seemingly endless pockets of foreign buyers the growth is continuing. Sydney is a big place and growth will stall in some suburbs/property genres whilst others will continue, but it's clear that this cycle isn't over yet....
Correction: As I cannot edit a poll choice once it's posted please note that I inadvertently checked the -15% instead of the preferred +15%!
My thoughts for what they're worth: Sydney cannot grow indefinitely and despite the factors currently affecting price growth, it will eventually cool and plateau for a period of time. Who knows how long this will be? No one, as it will ultimately depend on monetary and economic policy (we all know how this can impact markets
). However, despite the head-shaking of older investors, the FOMO activity of local buyers and the seemingly endless pockets of foreign buyers the growth is continuing. Sydney is a big place and growth will stall in some suburbs/property genres whilst others will continue, but it's clear that this cycle isn't over yet....
Yes, I think that's possible. It was already at $946K in April, and probably $960K now. It will be over a million by the end of 2015. Then I think another 20% over 2016 and early 2017 is quite likely, or more if the RBA cuts rates again. So far this boom hasn't even been as big as the late 90s - early 2000s boom, when prices more than doubled in six years. During that boom, the strongest growth came at the end.So where do you see median for Syd in 2017..?. 1.2m
Wow, yes strongest growth at the end, then bust.
Time for investors to still make money, or too much risk...?
