Josh Sigurdson talks with author and economic analyst John Sneisen about the housing bubble situation in many cities across Australia, mainly Sydney as well as the overall issues with the economy.
The annual home value growth in March of 2017 in Sydney was 19%. It has now decreased by 1% which shows somewhat of a turn around.
Interestingly, Sydney makes up for nearly half of Australia’s economy!
HSBC’s chief economist for Australia, Paul Bloxham recently warned that the housing rally is almost over, but he claimed that it will be a soft landing. Well we’ve heard that before.
While Australia’s localized housing markets aren’t as bad as places like Norway or Vancouver and Toronto for example in Canada, it’s bad and will continue to get worse. It’s that trick illusion of growth in value when risk rises astronomically, dooming the uninformed involved.
John breaks down the problems with Australia’s GDP when comparing construction GDP to agriculture GDP. Due to the fact that we have so many Australian viewers, we find it important to continue to spread the message of individual liberty, self sustainability and financial responsibility to those living “down under.”
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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