22 Aug. 2006

It's the Apocalypse

Or at least, Sydney's version thereof, which can be summed up in two words:
negative equity

Seriously, this is a nightmare: as interest rates rise and unemployment increases – how could it not from an historic low? – not to mention that the construction industry, which employs 10% of working Sydneysiders, is being grossly undermined – the poorest decile of home-buyers, those who are the ones hit by rising unemployment and the same ones with negative equity, will be expropriated. It's good news for solvent investors, however, who can snap up fire sale properties and then rent them out to newly homeless families, which, as I understand it, is what is happening with the brick veneer pile pictured above.