(ed:..and so it begins..)
Families in Western Australia are at breaking point – plagued with mounting debts they can’t pay off – as they face the reality of a collapsing economy.As properties decrease significantly in value and unemployment rates rise many are now struggling to find jobs to make ends meet.
Could this be the future of Auckland – Melbourne and Sydney?
Western Australia was once a booming product resources hub with thousands moving to areas around Perth from interstate and overseas to work.
It had one of the strongest economies in the nation with housing prices on par and even higher than Sydney and Melbourne in the early 2000s.
Fastforward to 2017 and WA now has the weakest economy in the country with a high unemployment rate and a collapsing property market.
(ed:..it would seem the property-bubble is having its’ (long-predicted) ‘burst’..it’s gonna get ugly…
imagine how those unfortunate people who bought at the top of the market are now struggling to pay mortgages on properties that have now plunged by 40% in value..?..many of them will be forced to just walk away from their properties..
..and this is going to happen here in new zealand – and those who believe it won’t – are just deluding themselves..it’s not a matter of ‘if?’ it’s a matter of ‘when?’..and now it looks like ‘soon’..)