A nice comparison of prime real estate prices around the global cities, via Knight Frank.
Sydney falls roughly on a par with Shanghai, Beijing, and Paris, as measured in US dollar terms.
Melbourne is far cheaper in terms of its prime real estate...more of a Mumbai1
I've discussed this phenomenon with some high profile fund managers and analysts before, including at the Sydney market peak in 2017.
Their view was that Sydney's prime real estate locations weren't unusual on a global benchmark, but the further west you travelled, the more irrationally expensive the market seemed.
More line up for cuts
National Australia Bank now also see interest rates being cut twice this year, and possibly cut even further in 2020.
Once the majors are forecasting cuts, some action often follows.
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Reduced to a footnote today, but QBCC has reportedly suspended the building licence of British-based giant Laing O'Rourke Australia, due to concerns over its viability (Source: Courier Mail).
Work must now stop on Queensland sites, pending updates.
Potentially significant news, and certainly a sign of the times.
