Re: Ask me about China - a Chinese-born Foreigner\'s Impression
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whats the RE market like in australia? is it in shambles like the US?
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I think there has been oversupply in mid-price apartments around the CBD in Melbourne, but demand for residential housing in suburbs near the city have been strong for a long time now. In certain suburbs what land you could've bought for 80k 10 years ago is now worth 500k+ which obviously means you're beating the market for a fair clip [img]/images/graemlins/wink.gif[/img] There has been a rapid gentrification of previously unpopular residential suburbs as industrial towns become residential towns as work move offshore.
The thing is that interest rates are basically at historical lows, but in relative world terms Australia actually has a very high interest rate.
I would have to do more investigation regarding default rates on mortgages, haven't done much homework in this area cos I'm too poor to invest in RE anyway.
BTW: ask me about China
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