Posted to The Age (3/12/12) on 3/12/2012 at 12:59 PM
Commenting on "House prices on bumpy road of recovery"
http://www.theage.com.au/business/property/house-prices-on-bumpy-road-of-recovery-20121203-2apzv.html
Unfortunately Leith van Onselen was correct by predicting the fall would be between 30% and 50%. There are several areas suffered from such disaster, and the local papers' property section is full of house foreclosure sale. In fact, many new suburbs may become ghost towns if economy and employment do not take a different turn.
A lot of real estate gurus have been teaching and preaching that prices of real estate double every 7 years. The choice of word "every" is not the best, but without which the statement does has some merit. This is not impossible for a property to double in price if it is purchased at the bottom of the cycle.
Commenting on "House prices on bumpy road of recovery"
http://www.theage.com.au/business/property/house-prices-on-bumpy-road-of-recovery-20121203-2apzv.html
Unfortunately Leith van Onselen was correct by predicting the fall would be between 30% and 50%. There are several areas suffered from such disaster, and the local papers' property section is full of house foreclosure sale. In fact, many new suburbs may become ghost towns if economy and employment do not take a different turn.
A lot of real estate gurus have been teaching and preaching that prices of real estate double every 7 years. The choice of word "every" is not the best, but without which the statement does has some merit. This is not impossible for a property to double in price if it is purchased at the bottom of the cycle.
