AUSTRALIA'S real estate market is in a bubble that will burst and wipe out up to half the value of property, a leading US economist has predicted.And Melbourne will join Sydney as the hardest hit.
Harry Dent, a widely respected economist and demographer who has predicted a range of economic events including the 2008 global financial crisis, pointed to falling affordability in Melbourne and Sydney where prices are ten times the average income."Bubbles ultimately peak when the people buying can't afford to buy it," Mr Dent said...
http://m.couriermail.com.au/news/us-demographer-predicts-hit-to-aussie-home-prices/story-fnihsrk2-1226818290817
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