Wooba Posted February 23, 2016 Share Posted February 23, 2016 Just found this link on a Canadian financial blog I read everyday. http://www.bloomberg.com/news/articles/2016-02-22/one-sign-australia-s-housing-market-is-due-for-a-2008-moment I especially find it interesting because of what I'm seeing myself. We are in the Gold Coast right now and a few things have grabbed my attention. There are so many nearly empty restaurants here it's unreal. There's a really surprising number of empty retail units, even just around the corner from the main tourist street. Lastly, there are loads of estate agents selling apartments and each time I walk past them I see bored agents playing on their phones. I don't see any buyers. This area is beautiful but I see many signs that don't look healthy. Interesting days ahead. Link to comment Share on other sites More sharing options...
flag of convenience Posted February 24, 2016 Share Posted February 24, 2016 Not the sort of negative reality that sits well on this forum I'm afraid. Now if you were to say the few remaining chow houses are crowding the punters in, that would go down a shot. The problems ahead are not unique of course to Australia. Just this time around we will not be except from the event. Link to comment Share on other sites More sharing options...
Skani Posted February 24, 2016 Share Posted February 24, 2016 Lastly, there are loads of estate agents selling apartments and each time I walk past them I see bored agents playing on their phones. I don't see any buyers. The Gold Coast has always been notorious for boom and bust real estate markets. It seems to be particularly attractive to enthusiastic "entrepreneurs" hoping to make a fast buck. There was some talk about it becoming increasingly attractive to Chinese investors shying away from high Sydney property prices - but maybe the slow down in the Chinese economy and the crackdown on "illegal" purchases has put a dampener on that. Link to comment Share on other sites More sharing options...
Guest Posted February 24, 2016 Share Posted February 24, 2016 Aren't Real Estate agents always pretty quiet during the week? that's when they always follow up on phones about weekend viewings? As for the Gold Coast, I wouldn't expect it to be particularly busy midweek in tourist spots outside of school holidays. The population will expand somewhat on the weekend with Brisbane folk on weekenders. If you are talking about on a Saturday though, that would be worrying! Link to comment Share on other sites More sharing options...
Gbye grey sky Posted February 24, 2016 Share Posted February 24, 2016 The central tenet of the programme is that a lot of property here is over-geared and therefore individuals and banks are vulnerable when there are the inevitable corrections in the market. More parallels with the UK in 1989/90 perhaps than the GFC in 2009 I would suggest. As usual though some areas or housing types will be hit harder than others. Difficult times for people looking to save and invest. Worrying times for any that are over-geared on property. Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted February 24, 2016 Share Posted February 24, 2016 Aren't Real Estate agents always pretty quiet during the week? that's when they always follow up on phones about weekend viewings? As for the Gold Coast, I wouldn't expect it to be particularly busy midweek in tourist spots outside of school holidays. The population will expand somewhat on the weekend with Brisbane folk on weekenders. If you are talking about on a Saturday though, that would be worrying! I agree with you Not that I spend much time in Surfers which I'm guessing is being mentioned? My part of the Gold Coast is busy as usual but it aint a tourists spot Well I aint seen none on my street yet I only see Kangaroo's Link to comment Share on other sites More sharing options...
fish.01 Posted February 24, 2016 Share Posted February 24, 2016 Just found this link on a Canadian financial blog I read everyday. http://www.bloomberg.com/news/articles/2016-02-22/one-sign-australia-s-housing-market-is-due-for-a-2008-moment I especially find it interesting because of what I'm seeing myself. We are in the Gold Coast right now and a few things have grabbed my attention. There are so many nearly empty restaurants here it's unreal. There's a really surprising number of empty retail units, even just around the corner from the main tourist street. Lastly, there are loads of estate agents selling apartments and each time I walk past them I see bored agents playing on their phones. I don't see any buyers. This area is beautiful but I see many signs that don't look healthy. Interesting days ahead. On the apartment front the Gold Coast had been selling more apartments recently than it has for a number of years. This is why a number of towers have reached pre-sales and been funded in recent times after a quiet few years before that. Apart from numerous other approvals, some apartment towers *currently under construction* include: Avani (Broadbeach): 37 storeys Jewel (Surfers): 3 towers -> 48 Storeys, 41 storeys and 35 storeys Sundale (Southport): 55 Storeys Source: http://www.meriton.com.au Source: http://www.meriton.com.au Rhapsody (Surfers Paradise): 43 Storeys Source: http://www.aeol.com.au Source: http://www.rhapsodysurfersnorth.com.au Qube (Broadbeach) - 40 Storeys Source: http://photos.homehound.com.au + numerous other apartment developments... Other infrastructure *currently under construction* includes: Carrara Sports Precinct for the Commonwealth Games Source: http://www.urbanalyst.com/images/article_images/carrara_stadium.jpg Pacific Fair Shopping Mall redevelopment: Adding 50,000sqm to bring total to 150,000sqm Source: http://www.mpnc.net.au Coomera Sports Centre Source: http://cdn.newsapi.com.au/image/v1/c423a4368c2c15d4c0d5cb3571020d65?width=650 $500million Commonwealth Games village Source: http://www.edq.qld.gov.au Link to comment Share on other sites More sharing options...
Wooba Posted February 24, 2016 Author Share Posted February 24, 2016 Thanks for the extensive listing of buildings fish. I'm not a expert on the area, just relaying my observations. However I would like to point out that real estate a lagging indicator. Just because lots of towers are being built doesn't mean the market is healthy today. I'm not saying it is definitely unhealthy either, just that cranes in the sky doesn't necessarily give an accurate indication of current conditions. Sent from my Nexus 10 using Tapatalk Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted February 24, 2016 Share Posted February 24, 2016 The Gold Coast is doomed Thats not what I read in my paper every day So much going on to make it a better place I'm excited about lots of the plans Especially the light rail and the extra heavy rail track being laid to make it double track all the way from Brisbane to the Gold Coast Increasing trains to hopefully ease congestion Its not all coming up roses but the plans are in place to help Whether things stay like this is in the unknown future and my crystal ball is out of action atm Link to comment Share on other sites More sharing options...
Wooba Posted February 25, 2016 Author Share Posted February 25, 2016 Maybe things are rosy helensvale, I certainly hope so. But things were rosy in places like Florida, California and Dubai. Until they weren't. Link to comment Share on other sites More sharing options...
fish.01 Posted February 25, 2016 Share Posted February 25, 2016 Thanks for the extensive listing of buildings fish. I'm not a expert on the area, just relaying my observations. However I would like to point out that real estate a lagging indicator. Just because lots of towers are being built doesn't mean the market is healthy today. I'm not saying it is definitely unhealthy either, just that cranes in the sky doesn't necessarily give an accurate indication of current conditions. Sent from my Nexus 10 using Tapatalk Yes, not many who follow construction would suggest otherwise. It has been up and down on the Gold Coast for many years. From following it in more detail I can let you know that now is one of the better times in recent years as there are many under construction (there wasn't a couple of years back), more interesting proposals in the pipeline than usual, a recently completed light rail system that boosted confidence which pushed some proposals over the line, an approved extension to the light rail on the horizon and the commonwealth games looming large. Not bad for the current cycle so we can at least be thankful for that until the inevitable bear pays a visit. The main drag on the economy in South East Qld is the current infrastructure deficit rather than lack of residential development so the Gold Coast is luckier than some in that regard with the Commonwealth Games ticking things along. Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted February 25, 2016 Share Posted February 25, 2016 Maybe things are rosy helensvale, I certainly hope so. But things were rosy in places like Florida, California and Dubai. Until they weren't. Can't see why it would bother you though All speculation and guessing All good atm can't change what might or might not happen Enjoy and stop worrying Link to comment Share on other sites More sharing options...
Wooba Posted February 25, 2016 Author Share Posted February 25, 2016 Can't see why it would bother you though All speculation and guessing All good atm can't change what might or might not happen Enjoy and stop worrying It's a concern because I'm about to move to Australia. I'd rather not do so at the start of a recession. Sent from my Nexus 10 using Tapatalk Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted February 25, 2016 Share Posted February 25, 2016 It's a concern because I'm about to move to Australia. I'd rather not do so at the start of a recession. If you think that you'll never get here because according to some that is exactly what is happening But is it??? If you read and surf the web enough you'll find plenty of doom stories Surf hard enough you'll find some nice ones too So you're thinking about putting your move on hold? Link to comment Share on other sites More sharing options...
Parley Posted February 25, 2016 Share Posted February 25, 2016 Canada and Australia are similar economies in many ways. Canada is officially in a recession while Australia isn't. I would be more worried about Canada's economy under a extreme left winger like Trudeau. He is unlikely to help the economy at all. I would make the move if i was you. Link to comment Share on other sites More sharing options...
Wooba Posted February 25, 2016 Author Share Posted February 25, 2016 There are other circumstances which greatly influence why I'm moving here that I won't get into here, but after being here for the last 10 days we've agreed that we will make the move. Canada is almost like a mirror of Australia, so I think there's rough waters ahead for both. Trudeau isn't extreme left though. He's centre left. Regardless, he's utterly unqualified for the position and he's likely to be a disaster of a pm. Link to comment Share on other sites More sharing options...
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