Good to get your builders perspective, ChippyDude. Regarding all that Asian & immigrant demand, you may be right, but I suspect one has to be cautious about over-projecting these things. To be fair to Tepper, in that podcast, he says that in his study of past booms& busts, that demand tends to evaporate on the bust (handbrake is put on immigration).
I'm pretty sure that in Spain for instance, which did have the mother-of-all-property-busts, everyone was looking at the seeming endless demand of Northern Europeans seeking a second home in the sun, or a "sea change". Don't forget also that in the years leading to the bust, as Tepper says, Spain went from having about 2% (I think?) of its population foreign born, to having about 10% foreign born (immigrants, not temporary residents). These will have largely been additional to all those Northern Europeans (think Moroccans and former Spanish colonies). That was a bigger influx of immigrants than what Australia is currently experiencing.
HVN Price at posting:
$4.21 Sentiment: Hold Disclosure: Held
(20min delay)
