Tasmania joins Qld and WA..

In what has become an almost inevitable conclusion we note that other states are joining Queensland and Western Australia into the pit of despair created by reckless economic delusional stupidity.

TASMANIA’S real estate industry is at its lowest ebb since the economic doldrums of the late 1990s, industry veteran Deanne Lamprey believes. Research by The Advocate has found finance commitments to buy established housing have plummeted this year.

Monthly statewide commitment numbers are averaging significantly lower than at any time since at least the end of 1999.

Ms Lamprey said yesterday she had not seen harder times in the industry apart from when she started, in 1998.

“There are not a lot of listings around, a lot of property is overpriced, so owners still need to be educated, and real estate, too, has got a lot to answer for,” the First National Real Estate Burnie managing director said.

Please translate this in the same way you did this post. This is a real estate agent saying “please drop your prices or I will not make any sales and will go out of business”. Sorry to say, but this is just the beginning of a collapsing debt driven bubble colliding with reality, and as we said yesterday , we haven’t even built the fuse yet.

Amusingly we note that some in the industry are pinning their hopes to delusional forecasts by vested interests in order to tell people not to panic.

HOMEOWNERS spooked by warnings of a property price bubble have been advised not to panic.

A healthy growth in house prices across the nation’s capitals has been predicted for the next three years in a report prepared for mortgage insurer QBE LMI by analyst BIS Shrapnel.

As we noted recently , as did others , relying of this sort of dodgy analysis is going to get you in all sorts of strife.

Our advice… PANIC !!!


Disclaimer: The content on this blog is the opinion of the author only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation, no matter how much it seems to make sense, to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The author has no position in any company or advertiser reference unless explicitly specified. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult someone who claims to have a qualification before making any investment decisions.

Comments

  1. Leith van Onselen

    It's funny how QBE LMI have not released BIS' shonky housing report. I've visited their website every day since the story broke hoping to obtain a copy to critique. But all you get is a one page press release.

    Yet QBE managed to release all previous years housing reports for both Australia and NZ. Maybe they are scared that you, me, David and Cameron will tear it to pieces.

    Keep up the good work.