PHOTO: Saxo Bank’s outrageous predictions forecasts the curtain’s closing on Australia’s property binge in a “catastrophic” shutdown driven by plummeting credit growth.
Forgive the clickbait headline, the forecast comes from Saxo Bank’s annual tongue-in-cheek “outrageous predictions” report – an exercise of provoking unlikely, but not impossible, events that may just play out in 2019.
Australia’s property market got off relatively unscathed in the global financial crisis compared to other advanced economies, with the surge in house prices leading to a monstrous 373 per cent (adjusted for inflation) gain since 1961.
But the debt-fuelled “Australian dream” is soon to end.
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