My wife has left real estate and has moved into her old role in funds management. Her real estate office on the gold coast has not sold a property in 3 months, not too mention that it costs the agency $200,000 per month to run.
The office is receiving listings however nobody turning up to the open houses.
I think that property all around Australia is in decline and I could not care less what other posters think. The fact of the matter is cost for borrowing is rising which means for those who are buying would only be able to borrow based on existing equity/ cash flow.
Sydney morning herald had an article on the weekend about the high end properties listing without advertising as the sellers do not want to be embarrased about being in financial stress.
I know people in the finance industry selling up in Sydney due to financial stress.
CNBC mentioned that there could be 300 banks closing in the US and account holders loosing money.
There is more pain to come
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