Harry S Dent is here and he is full of predictions for the Global and Australian Housing Market. He is a market futurist and has successfully predicted booms in the Housing Market in the 1990’s, and the GFC in 2008-2009 well before it happened.
Here are his predictions for 2014.
Just to rewarn you its 52 minutes, but this clip gives you a real overview of his thinking!
Here are some of his predictions in a nutshell:
- Mr Dent has now predicted the economic and real estate bubble in China will burst in the next couple of years, and Australia would be hit hard as a consequence.
“The China bubble is going to burst, starting around next year, and it is going to be the biggest bubble to burst. It is the greatest bubble, the most government driven, the most extreme in valuations,” he said.
“Australia is the best country to weather this downturn and take advantage of the next boom.
“But this China bubble is going to back up on resource and commodity markets and it’s going to hit Australia hard and I think it’s going to cause your real estate to get hit and finally burst.
- Real Estate in the US – “I see real estate going down 60 to 65% in the US, it’s probably more like 30 to 50% in Australia, but that’s still enough for you to say: Hey why would you go buying real estate?”
- Real Estate in Australia – Melbourne is the biggest bubble to burst;Stand by for Melbourne to be the hardest hit, a bubble that will burst and wipe out up to half the value of property.Harry Dent actually reckons “Melbourne has been, actually, the biggest bubble in recent years and I would expect the biggest burst there.””In Australia obviously the bigger bubbles are in Sydney, Melbourne, Brisbane and Perth because they had the greatest growth and the greatest limitations in supply – but not quite as much in Adelaide and other cities.”
“So why would you want to own real estate unless you’re going to live in it forever or it’s very important to your business.”
Harry Dent’s longheld views have been comprehensively challenged by most local commentators. When looking at this video, take into account he gathers information based on empirical data, and he then makes predictions. He has been proven accurate on some big events, but as predictions go there is a possibility that his predictions could be wrong.
What do you think about his predictions for 2014??