My Irish friends working in finance in London are so bearish on oz property it's not funny they are very high up out of NY and went through the GFC and Irish collapse
One said he can even see a 1.2 mill property be worth $500k soon/eventually based on our economy .. his description to me is as follows as what he thinks could happen (don't shoot the messenger) what might happen, what he has seen from experience etc what to be cautious of
He thinks only visas allowing Chinese to have multiple children is what's keeping oz together he also said Australia should crack way before the UK housing market which is fuelled with illegal dirty money holding it up
Scenario ;
You should look for one last hurrah so if a property is 1.2 maybe it will
Go for 1.4 with a last wave of hysteria then it will quickly come back to 1.2
Then some sort of news drama will happen that properties will drop to be worth 800k -900k all of a sudden .. Everyone will think bargain and rush to buy
Then it will go to 600/700 more will think bargain and rush in
Then it will go right down to 500 without a bounce or rise in any way
Scared the daylight out of me to be honest he was asking me a lot about the Chinese prices etc what you get I just said "I don't know what's ghoing to happen" when I discussed my irritation driving the market up ...he just said "I do" regarding the above
I was also told the money is so dirty in the London property market there is too much risk to work in it in case you get tempted to do a dirty deal with the commissions on offer (a chelsea home is worth 20 million dollars and apartment 10 million and they aren't huge by any means ) Arab oil money I guess but it's so hot it's not funny and has no sign on abating yet hence why we won't sort of follow cracks in the UK or us first we are our own risk
