I know its old hat now but these figures from the housing summit of 2004...the figures taken from pre tax returns from 2000 to 2003 see page 15 on the download...
they call it alternative investments... when they were looking at housing affordability...
australian shares % of investment went from 15.5 to -1.7
australia wide housing increased from 11.8 -18.2
melb houses 12.1 - 25.3
sydney houses 13.1 - 20
internationa shares from 12.6 to -18.5
most of the investments went into australian property....big increases....and obviously taken out from shares.....as conculed in that article
so investment in australian shares decreased by 17.2%
and international shares decreased by 30.1 %
If I recall correctly the housing boom ended about Dec 03
wonder what a similar study would show since then, and more recently ??
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