A few weeks back I wrote about how older Australian’s are behind much of the increase in spending over recent years.
A few peeps took offence, but most that replied to that Missive agreed.
Since then, further studies show a similar trend, and one bit of interesting data is that around a quarter (27%) of new dwelling purchases over the past twelve months did not involve a mortgage.
Older and in general wealthier Aussie’s are buying homes (and also, largely, driving inflation).
Without wanting to sound like a broken record, but lifting interest rates will do little to reduce inflation without smashing the whole economy.
Rising rates further is akin to using a sledgehammer to crack a nut.
But enough already!
This week’s post is data heavy, comment light.
There are two tables this week.
The first table shows you what $1 AUD million buys you at the top end of the apartment market across a range of selected world cities.
The second dataset outlines past – and my projected potential annual growth rates (guesstimates really) – for top end apartments across five Australian cities.
We are talking about the top end of the apartment market, not an average apartment in a massive “me-too” tower block. Think boutique project, one or two apartments per floor, absolute waterfront or park front and prime 4Fs – fixtures, fittings, finish and facilities. Statistically the top 5% of apartment sales by sales price in each location.
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