blog.buysellrealestate.com.au

The pouring of the first concrete slab this month heralded the
beginning of Australia’s largest retail project at Top Ryde City in
Ryde, New South Wales.

June quarter statistics released by Jones Lang LaSalle Research and
Consulting have shown that an environment of  weaker tenant demand is
resulting in a slowdown in rental growth and land values across most
monitored major industrial precincts.

Part of a main road site known as the Berkeley Vale Industrial Park on the Central Coast of New South Wales is being offered for sale by an Expressions of Interest process through self storage property specialist Highway Frontage Real Estate.

Offered with vacant possession is the opportunity for owner occupiers,
investors or developers to purchase a large retail showroom in
Victoria’s Fitzroy North.

According to the International Monetary Fund, the mortgage crisis in the USA will impact on other countries that rely on foreign borrowing, such as Australia. There have been a massive number of foreclosures in America already, and more are expected, the IMF report warning that:

“… with delinquencies and foreclosures in the US housing market rising sharply, and house prices continuing to fall, loan deterioration is becoming widespread.”
- Sydney Morning Herald

Economic growth is expected to slow in 2009, but that could be good news for homeowners as it could see the Reserve Bank cut official interest rates.

The bad news, or good news (it all depends on personal circumstance), is that falling property prices in the US could also spread, with the US market set to get worse before it gets better:

“At the moment, a bottom for the housing market is not visible.”
- IMF’s Global Financial Stability Report

House prices in Europe are also dropping, and although Australia may avoid the worst of it due to our high housing demand, that alone may not be enough. Interesting times lie ahead.