I am going to repeat what I have posted a couple of times before. As far as I have seen of you, you're a reasonably intelligent bloke so I assume you simply are not aware of the vacancy rate differences between the two countries.
Have a look at all this and get back to me on whether you still think the same after having thought about it.
In the USA the first quarter 2008 US vacancy rates were in the range of 7% to over 12%. Source is this website from the US Census bureau:
If we use the Australian Bureau of Statistics figures.
"Rental vacancy rates in the 12 months to March 2008, Sydney had the lowest average vacancy rate of 1.2%, while the vacancy rate in Adelaide was 1.4%. Vacancies were also low in Melbourne (1.5%), Brisbane (1.8%), and Perth (1.9%)."
Source : http://www.abs.gov.au/AUSSTATS/[email protected]/Lookup/4102.0Chapter9002008 Near the bottom of the page.
The USA has gone through a huge over-building boom and has (proportionally) something like six times as many vacant properties as Australia. Could that be a reason for their dropping land and house values?
