Insight SBS Tues 7.30 Sep 9 - Bursting the Bubble

[Alex P Keaton]

Housing Affordability - September 9th 7.30 on SBS


Tuesdays - 7:30pm

Repeated Friday 1:30pm, Monday 3:30pm


This should be interesting!!




The Housing Industry Association says housing affordability is at a 24-year low. Yet economists are divided over whether Australia's troubled economy will work for or against those struggling to buy a home or maintain a mortgage.

Economist Steven Keen has claimed Australia is heading for the worst recession since the Great Depression, and predicts housing prices will drop by over 40 per cent.

The ANZ’s Saul Eslake warns this is a dangerous assumption, while economic journalist Ross Gittins believes we are in uncharted waters, with household debt at an all-time high.

Home owners mortgaged to the hilt, local and international economists, housing and construction representatives and members of the Federal government meet on Insight to discuss who could benefit from a big economic dip.

 

[Alex P Keaton]

Insight is Australia's leading forum for ideas.



Each week, host Jenny Brockie uses her unique skills to guide a lively debate on a single topic.


Insight is a great leveller, no one has special status. Politicians, business leaders and experts sit alongside kids and punters, swapping stories and arguing about everything from property prices to relationships, climate change or the nature of courage.

Jenny guides the conversation, ensuring as many people as possible have their say.

There's no hiding behind press releases and spin on Insight, it's face to face debate.

And the debate continues online each week.

Insight on SBS: the place to speak your mind.

 

[josko]

Thanks Kim,

Should be interesting as always......

So houses will drop by 40% now? The last I heard it was 30%. In any case, I am not worried.

Regards JO

 

[boomtown]

home owners mortgaged to the hilt, local and international economists, housing and construction representatives and members of the Federal government meet on Insight to discuss who could benefit from a big economic dip.

Sounds like they have already figured out which way the market is going. Shame no one told the RBA.

 

[Alex P Keaton]

Home owners mortgaged to the hilt, local and international economists, housing and construction representatives and members of the Federal government meet on Insight to discuss who could benefit from a big economic dip.

lmao at the bit in bold. Should be funny

 

[Alex P Keaton]

bump

Dont forget tonight

 

[Zhouse01]

Thanks Kim will def watch

 

[Aaron Sice]

will be at volleyball but will watch Friday's repeat.

 

[TheAnalyst]

Housing Affordability - September 9th 7.30 on SBS


Economist Steven Keen has claimed Australia is heading for the worst recession since the Great Depression, and predicts housing prices will drop by over 40 per cent.

I am wondering who is paying Steven Keen. It is such an idxxxt and does not make any sense. If I am his boss, I will sack him straightway for his nonsense.

 

[Dazz]

Economist Steven Keen.....ANZ’s Saul Eslake....economic journalist Ross Gittins

...should be a crackingly good event....they sound like real heavyweight property gurus.

 

[yieldmatters]

...should be a crackingly good event....they sound like real heavyweight property gurus.

Gittins is not so bad. Eslake is a spruiker defending the exposure of ANZ - clearly will say anything anytime. Keen has been on the same message for years - I like his style.

I'm just happy to see the word "bubble" in the media - my goodness!

 

[Zhouse01]

watching now so Kim doesnt get mad

 

[boomtown]

Watching it now.

Interesting stat: 20% of sales in Western Sydney are forced sales. Almost makes me want to get down there and buy up.

Would be nice if the program mentioned more than one area though...

Per Dazz's comment - there doesnt seem to be a single person in audience (with the possible exception of the HIA dude) that actually knows how to make money out of the sector.

And wtf is the deal with the woman who has been in her house in Western Sydney for 23 years and now has a forced sale? She must have bought it for $30k at most 23 years ago. Wtf is up with that.

 

[WinstonWolfe]

if anyone doesn't believe the public funded broadcasters, abc and sbs, are not politically and ideologically biased towards the left, I'd encourage you to watch Jenny Brockie carefully tonight......then read up on her past.....as well as Kerry O'Brien, Maxine McKew, and other ABC stalwarts like Philip Adams, David Marr, John Pilger, Tony Jones etc etc etc ad nauseum...

 

[Peter Parker]

While a lot is made of the '12 continuous interest rate rises', the only people who endured all of those where those who bought before 2002.

And of these the vast majority bought before 2000 or 2001.

House prices in most area have doubled since then.

Unless they did stupid things with their equity, their mortgages would be nearer to $200k than $400k, ie small by today's standards and relatively affordable relative to income.

Peter

 

[Zhouse01]

LOL seems like its all doom and gloom

 

[RedPanda]

Very Interesting! Should we be scared?

How many of forumites actually believe that there is reason to be a bit worried or re-strategise in current times?

 

[jingo]

Gittins is not so bad. Eslake is a spruiker defending the exposure of ANZ - clearly will say anything anytime. Keen has been on the same message for years - I like his style.

I'm just happy to see the word "bubble" in the media - my goodness!

Don't think the word "bubble" in the media is all that new. Take a look at the newspapers from the 70's. Same was said then pertaining to house prices.

 

[Debt Junkie]

Unless they did stupid things with their equity ...

I think you got it in one. Car, boat, holiday ... nada put towards reducing non tax deductible debt or leveraging into an investment.

I know a couple on more than double my salary who've had significant property value increases over the last few years (Brissie) and have successfully increased their debt in line with their property values. Additions to their lifestyle? Massive tropical fish tank. Boat. Mustang. Holidays. Landscaping and home renovations. Tag-teaming quitting their jobs and doing nothing for six months at a stretch. And paying $5,000 a pop for investment seminars which teach them buzz words, but apparently not actions.

I don't know about you lot, but this weekend I'm going shopping for an IP.

Stuff the 'slump'.

Cheers!

 

[ArJay]

Very Interesting! Should we be scared?

How many of forumites actually believe that there is reason to be a bit worried or re-strategise in current times?

Be scared if you're highly neg geared and crossing your fingers for significant capital growth in the next 4-5years.

But seriously, emotion shouldn't really come into time tested investing. If the numbers work then commit...or not.

Right now for us the numbers don't work and prob won't for some time. Be sitting out for a while and watching on the sidelines...

FWIW I think Ross Gittins was the only true voice of reason the discussion. Had a chuckle when he shot down the HIA bloke early in the piece...

R