{"id":25400,"date":"2020-05-25T14:00:34","date_gmt":"2020-05-25T02:00:34","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25400"},"modified":"2020-05-25T14:00:34","modified_gmt":"2020-05-25T02:00:34","slug":"nothing-can-stop-it-australia-is-on-the-brink-of-a-great-depression-style-economic-catastrophe","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/nothing-can-stop-it-australia-is-on-the-brink-of-a-great-depression-style-economic-catastrophe\/","title":{"rendered":"\u2018Nothing can stop it\u2019: Australia is \u2018on the brink\u2019 of a Great Depression-style economic catastrophe"},"content":{"rendered":"

PHOTO: Sydney – Australia<\/strong><\/p>\n

Financial experts are warning of a deep and sustained property crash triggered by coronavirus<\/a> \u2013 but caused by demographic changes, overbuilding and soaring debt.<\/p>\n

US author and financial commentator Harry Dent<\/a> warned Australia of a looming the financial crash of a lifetime which would bring mass unemployment and widespread bankruptcies.<\/p>\n

The demographer said coronavirus is only the trigger. Too much central bank money printing made a new Great Depression inevitable and an economic meltdown had been looming for years, he said.<\/p>\n

\"Australia's<\/a><\/div>\n
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Is this Australia\u2019s cheapest home?<\/a><\/h2>\n<\/header>\n<\/div>\n

Mr Dent has predicted this downturn would be deflationary despite the money printing.<\/p>\n

Australia\u2019s banks are overly exposed to domestic real estate and would be in trouble if house prices went down by even 20 per cent, he said in a YouTube interview with respected economist Martin North.<\/p>\n

\u2018And I think it\u2019s going to be 30 to 50 (percent), in that range,\u2019 he said.<\/p>\n

Mr Dent said he thought Sydney and Melbourne would drop by up to 50 percent as they had \u2018the worst bubbles\u2019.<\/p>\n

Brisbane would be next worst at a drop of around 40 per cent, followed by Adelaide at 30 per cent, he said.<\/p>\n

\u2018That is going to be a shock. That\u2019ll probably be the biggest shock Australia\u2019s had,\u2019 he said.<\/p>\n

READ MORE VIA BRINKWIRE<\/a><\/p>\n

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