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.
Our advice… PANIC !!!
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