An article in this mornings Sydney Morning Herald. For Ross Gittins to be writing like this, things must be serious. He's usually very moderate in his views.
http://www.smh.com.au/news/opinion/bad-signs-as-the-cbd-empties/2008/12/09/1228584832867.html
Here's an ominous excerpt for property.
"These former high-flyers also played an important role in inflating and maintaining property prices in well-located inner-city areas. It is not clear how much longer house prices in these areas can hold up against the tide of new properties coming on to the market. There are 312 properties currently listed for sale in Mosman, complete with their own "French Provincial-inspired terrace" and "breathtaking Middle Harbour views". One three-bedroom villa is advertised ominously as "for definite sale"."
http://www.smh.com.au/news/opinion/bad-signs-as-the-cbd-empties/2008/12/09/1228584832867.html
Here's an ominous excerpt for property.
"These former high-flyers also played an important role in inflating and maintaining property prices in well-located inner-city areas. It is not clear how much longer house prices in these areas can hold up against the tide of new properties coming on to the market. There are 312 properties currently listed for sale in Mosman, complete with their own "French Provincial-inspired terrace" and "breathtaking Middle Harbour views". One three-bedroom villa is advertised ominously as "for definite sale"."