Links 17 September 2019

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

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  1. ASIAN HOUSING: The poorly understood economic and social costs and risks of excessive price / income multiple stretch …

    … What are the competitive advantages of normal and affordable housing markets ? …

    Shenzhen property costs more than HK: report … Asia Times

    https://www.asiatimes.com/2019/09/article/shenzhen-property-costs-more-than-hk-report/

    Grassroots people and new graduates in Shenzhen have earlier access to better public housing than those in Hong Kong

    Years of a sustained bull run in the property market in the southern Chinese tech hub of Shenzhen means flats or apartments in the city of 18 million are now more expensive than those in Hong Kong, which has long been known as one of the world’s least affordable home markets.

    Shenzhen’s ratio of average annual household income versus average home price has risen to 30, meaning a couple has to live off other income and save up their combined salaries for nearly 30 years before they can clamber aboard the city’s property ladder, according to the August data crunched by the Security Times, which is based in the city.

    Hong Kong’s corresponding figure is 20.9, leading a pack of 91 cities worldwide with a population of at least one million for the ninth year running, according to the latest survey by Demographia, a US data research firm and public policy consultancy. … read more via hyperlink above …
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    21 Years of Salary in Hong Kong While 8.3 Years of Salary in London Can Get You a Home … Ellen Holden … The Tribune Today

    https://thetribunetoday.com/2019/09/16/21-years-of-salary-in-hong-kong-while-8-3-years-of-salary-in-london-can-get-you-a-home/
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    Asian communities become scapegoats in New Zealand’s housing crisis … Deutsche Welle

    https://www.dw.com/en/asian-communities-become-scapegoats-in-new-zealands-housing-crisis/a-50446191

    • … AMERICA’S MASSIVE COMPETITIVE ADVANTAGE …

      4 out of 5 Americans say there is a housing affordability crisis (NAHB Survey) … Mortgage Professionals of America Magazine

      https://www.mpamag.com/market-update/4-out-of-5-americans-say-there-is-a-housing-affordability-crisis-177571.aspx

      Housing affordability is at crisis level according to a new survey from the National Association of Home Builders.

      The poll of almost 20,000 people across the country last month also shows that 78% said it was a problem in their state, 76% said it was a countywide problem, and 75% said it was a problem in their city.

      “Housing affordability is near a 10-year low and this poll confirms the challenges hard-working families face to keep housing within reach as rising costs continue to outpace wage growth,” said Greg Ugalde, NAHB chairman. “Policymakers must roll back inefficient zoning rules, costly impact fees and outmoded land development regulations that are driving up housing costs, contributing to the mounting lack of affordable housing and hurting middle- and low-income households.” … read more via hyperlink above …
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      … Guides to problem United States Cities and States …

      … What is being learned from the successful ones ?

      The average home price in every American state – and what you get for your money | Marissa Perino | Stuff.co.nz

      https://www.stuff.co.nz/business/property/113894360/the-average-home-price-in-every-american-state–and-what-you-get-for-your-money?rm=m

      2019 15th Annual Demographia International Housing Affordability Survey

      http://www.demographia.com/dhi.pdf

      Housing Affordability Ratings … Median Multiples … All Markets

      Australia 5.7
      Canada 4.0
      China (Hong Kong) 20.9
      Ireland 3.7
      New Zealand 6.5
      Singapore 4.6
      United Kingdom 4.8
      United States 3.5

      This serious social issue of political and urban planning failure will likely be dealt with more quickly and effectively in the United States than most other jurisdictions.

  2. BREAKING NEWS: Perisher’s natural snow depth has hit 2.25 metres. The season is being extended!
    Some of the Best September Snow in 20 Years. After significant snowfalls, an Early Opening in May, cold temps and impressive August and September storms, resulting in an extended season, 2019 has become not only one of the best seasons, but officially Perisher’s longest season in memory at 136 days.

    LIVE CAM:
    https://www.perisher.com.au/reports-cams/cams/blue-cow-live-cam

  3. NEW ZEALAND & AUSTRALIA … FONTERRA …

    Fonterra’s milk slide worsens in Oz … Pam Tipa … Rural News Group NZ

    https://www.ruralnewsgroup.co.nz/dairy-news/dairy-general-news/fonterra-s-milk-slide-worsens-in-oz

    Fonterra’s woes are also worsening in Australia.

    The cooperative kicked off the season there with a 28.9% decline in milk production as it continues to lose its collection share.

    This was the percentage drop for the first month of the season, July, versus the same month last year. It represents a small percentage of the full year’s collection, Fonterra says in its latest Global Dairy Update.

    However it admits its share of the milk collection continues to decline, impacted by intense competition for milk supply and the continued impact of the poor conditions on farm. … read more via hyperlink above …