Gottiboff’s “greatest peacetime” boom lasts 14 days

Recall this from Gottiboff two weeks ago:

In the wake of the surprise May 18 election result Australia is experiencing one of the biggest sudden stimulations in its peacetime history.

The Chinese realise Australia’s outlook has changed and have created a surge of buying that has skyrocketed Sydney apartment prices by 10 per cent in just two weeks.

…These fundamental changes will soon spread throughout the economy (retail will take longer) and the Reserve Bank should delay next week’s planned interest rate reduction. Its pre-May 18 economic data is about the past and does not reflect this dramatic turnaround.

…A jubilant Harry Triguboff is staggered. The Chinese rush into the Sydney market covers both existing and off-the-plan apartments. Turnover has skyrocketed. Triguboff was holding the market by financing buyers but that’s no longer necessary—they have the money.

And now today:

We are vulnerable to the repercussions of the riots and cyber attacks in Hong Kong while the failure of the oil price to skyrocket after the attacks on oil tankers in the Gulf of Oman shows that world growth is under great pressure.

…And if the global game continues on the present course then the Australian dollar is vulnerable to further falls.

…In Australia we have had a post-election boost. Global events will make that momentum hard to maintain.

Highrise Harry’s sales must be falling again.

Houses and Holes

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 fouding 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. Gottliebsen’s crouching sycophancy towards Triguboff, and his shameless boosting of Triguboff’s interests and promotion of his lies under the guise of “journalism” is both remarkable and disgusting.

    He has less than zero credibility. The only sensible course is to treat everything he writes as being disingenuous or mistaken.

    • He’s like the Teen Scene poster child of Aussinomic Journalism – sycophancy but to a level of unrecognisable gender and sexual orientation.

    • DominicMEMBER

      Harry must throw the hapless scribbler the odd bone every now and then — just enough to keep him excited and servile

  2. kiwikarynMEMBER

    How do you get a surge in Chinese buyers of existing apartments, isnt that illegal? Or has FIRB also been instructed to permit every application across its desk?