Domainfax: No need to fear housing crash

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From Domainfax:

Home owners spooked by the cooling market have little fear about a housing crash in 2016.

While residential property prices might fall in 2016, it will be limited to less than 10 per cent with “little significant downside risk” to the housing market, ANZ Bank has said in its latest housing update.

…It is forecasting a 3 per cent price rise for NSW, 3.2 for Victoria, 2 in Queensland and an overall 2.8 per cent for Australia.

…Western Australia will see a recovery at 2 per cent growth in 2016 despite strong declines in 2015 against a disappearing mining boom and falling population.

Lol, yeh, Perth is going to recover as the iron ore sector collapses, Gorgon sheds 9000 workers, the housing construction boom hits a brick wall just as population growth crashes and the Budget sinks into outright crisis.

That is all you need to know to gauge the usefulness of this turd polishing report.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.