Taken from the Daily Reckoning....
There hasn't been a house price crash here, like the ones unfolding in America and Britain. But affordability is clearly a problem. Of 227 cities surveyed, Cox found 18 Australian cities in the top 50 of "least affordable" in the world. "There are no affordable markets in Australia and there are no moderately unaffordable markets. Twenty-five of the 28 markets are rated severely unaffordable."
--"All of the large capital cities (Sydney, Perth, Melbourne, Brisbane and Adelaide) are rated severely unaffordable. The best ratings are seriously unaffordable in three smaller markets, Maitland (NSW), Ballarat and Bendigo (both in Victoria)." If the Reserve Bank puts up rates again... watch out.
Taken from the Daily Reckoning....There hasn't been a house...
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