Watching 60 minutes last night I saw their spot on the imminent housing crisis crash that was coming our way  circa 30% fall). The key indicator for this pending bust was the huge retraction in prices of homes in Moranbah, Queensland, which is where exactly? Oh, it’s a coal mining town in Queensland that ramped up to service a huge mining boom that appears to have quietened down a bit recently. So that affects your Pascoe vale or Footscray home how? (Victorian reference, sorry people). Have the people in these areas had changes in employment, income, serviceability, or anything else that might affect their ability to repay the loan they took out? Sure, we are all connected, and the mining decline has cause issues with the stock market and caused a small rise in unemployment, which in turn has brought about serviceability issues for some, but the same brush can not be used to tar the entire country based on a single suburb. Fact is people bought in to Moranbah based on the fact it returned positive cashflow on their investment. This was driven by the need to supply housing for workers at the mine. Workers that are no longer … Continue reading Here comes the meltdown…again…no seriously….