Noosa’s property ground zero

By Leith van Onselen

Earlier today, Houses and Holes posted on Genworth LMI’s worsening exposure to the Australian housing market. In the Genworth presentation attached to the post is the below chart, showing that a key driver of the increased insurance pay-outs (and the 1st quarter loss) was a sharp rise in mortgage delinquencies in the coastal Queensland housing markets:

Coincidentally, a long-time MacroBusiness reader sent through the below pictures showing examples of the massive price reductions taking place in Noosa, on Queensland’s Sunshine Coast. Incredibly, the examples show price reductions of well over 50% on the previous developer’s advertised prices in 2007-2008:

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