Broad based house price falls

Find above a snap shot of the ABS eight city house price index released today. Relative to Rismark, falls are a slower than in Brisbane and Perth but much more widespread, and larger in Melbourne and Sydney. Here is a graph of the eight cities since 2002,

It is a long way up to the top if you want to rock n roll…

Finally, in a sign that mainstream economists still have no idea about the effects of debt, here is what the consensus expected, -0.5% expected versus -1.7% actual decline,

David Llewellyn-Smith

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.

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Comments

  1. Deus Forex Machina

    It’s going to be interesting how this gets spun.

    I just noticed on my Bloomy that their survey on the outcome of this data was expecting -0.5% QoQ against a result of -1.7% and the YoY expectations was of +1.6% versus -0.2% result.

  2. Noice, Prince, very, noice. I see at the top of Joye’s blog he is a Svengali according to none other than News Ltd.

    Svengali-nomics.

    The Svengali fits Mark Twains definition of a gold mine. A hole in the ground with a liar at the top.