Today we are revisiting an article from May 2004 to see what people were talking about in property back then, how it compares to today, and how much of it has had.
The article states:
“The property bubble has burst”
“Prices have so far fallen 10pc in Sydney and 15pc in Melbourne this year so far”
“Some analysts have described it as a crash”
“Its starting to turn ugly”
Looking even further back, to 1989 – 93, there were 18% falls.
Is this downturn worse? Whilst there are many factors that are worrying about the current downturn (including the 2 interest rate decreases), there is something we should always remember.
Something that those who have lived through these historical ‘crashes’ know to be true.
Watch the video where I break it down.
You can read the original article here; https://www.theage.com.au/business/going-going-20040521-gdxw5n.html
If you have any questions, please do not hesitate to get in touch via my website so I can do my best to address them for you: www.propertyassociation.com.au