He said the combination of our weakened housing market coupled with global market trends meant we were entering a “new realm” of economic misery.
“Now applications are being knocked back tenfold, banks are becoming withdrawn and the easy credit that was available is gone. Founder and CEO of Freelancer.com Matt Barrie says our housing market may never recover. Picture: News Corp Australia“For Australia, being the most dependent mid to high-income nation in the world on China in terms of exports, the impact has been quite significant,” he said.
“In the last decade our economy has basically been shipping iron ore and coal, building houses and bringing people in to buy those houses, and that’s it,” he said, noting our economic diversity was worse than developing countries such as Oman and Vietnam. However, he said it was obvious 2019 and 2020 would be more painful for Australia and the wider world than 2017 and 2018 had been.
'Expert' Matt..... ok .
Sydney will never recover but Melbourne will go on and on!
Property prices will return to where they once were but the problem will be that people will have to work a lot longer to earn the same number of dollars
maybe prices will drop and people can actually afford to buy
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