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I am afraid same here in Australia...Properties in big cities keep going up, specially Melbourne and Sydney because of job opportunities but even in Brisbane where economy is showing kind of slow down (all tho there are mines in North QLD) prices are at least stable...But those prices are so not realistic comparing to income most of people have that I don't see how they'll stay on a current level...
In a midst of prosperity (5-6 years ago) we had a holiday in a little village Bargara on the coast in central QLD. At some point we thought that once we are pensioners we can sell our house in Brisbane and buy some cheap but nice house in a village like Bargara. We were in shock with prices there. They were same like in Brisbane. Now I checked and it's even worse. Look here:
http://www.realestate.com.au/property-house-qld-bargara-107398726
$510,000 for less than decent home (3bdrm, single garage, pretty old...). I can't believe this. And there is no much of the job opportunities in this small village (tourism only and it's declining even on a Gold Coast).So how this is possible to stay like this is above me...Foreign investors? How many of them can keep those prices up and for how long?


Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Tue May 17th, 2011 at 08:29:56 PM EST
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