Australia’s economy is heavily reliant on real estate. Perhaps not as much as Canada but it’s certainly a big component as households rely on excessively leveraged home ownership schemes to buy ever-increasing real estate. The average household is unable to afford their current lifestyle because the debt has become so excessive. In the recent past, we have finally seen a change that will unravel the Australian economy from the inside out.
For those in Australia, please give us an update on the situation? Prices still declining? Home inventory building up? More or less For Sale signs?
Reserve Bank says rate cuts and QE possible as Australian housing enters ‘uncharted territory’ – ABC News (Australian Broadcasting Corporation)
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Negative gearing changes ‘could tip Australia into recession’, warns John Symond – ABC News (Australian Broadcasting Corporation)