Gottiboff today:
This week I was yarning to one of Australia’s top five home builders and he just shook his head as he told me: “Land prices in outer suburbs of Sydney and Melbourne are rising to unsustainable levels”. Because he has large land holdings in both cities he is making a fortune on paper but he knows what is ahead and he spoke with emotion.
But at the moment the market is the market and the old Wall Street adage “follow the money “ applies to outer suburban land. This current property boom started with Melbourne and Sydney apartments but they are declining in price although in Melbourne there is considerable apartment activity in the suburbs outside the inner city and in those suburbs house prices are edging up. In Sydney there has been a small decline.
