Delusional Economics: The GC moves to the next level 20/12/10 12:42 PM

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Delusional Economics
An Economic Realist Practitioners Blog with an Australian Slant.

FRIDAY, DECEMBER 17, 2010 CONTACT

economicdelusion[at]gm
The GC moves to the next level
REQUIRED READING

We have said previously, as credit issuance falls the market collapses, this in turns It has all happened before

takes down businesses , which takes down the economy and then the banks. to happen again. Get the e
why.

As we showed last week credit issuance in Queensland has been trending downwards
since the GFC. Now that the short-lived government supported debt bubble caused by STUFF TO WORRY AB
the first home buyers grant boost has dissipated the trend continues. Overseas investors pleas
Ireland madness !!
Let the gouging begin !!
How is your loan going ?
Chinas Bubble and Austr

QUESTIONS
Who would you short?
How are you hedging ?

So today it is with little surprise that we note that the Gold Coast is moving to the next
level. BLOG ARCHIVE
▼ 2010 (480)
ONE of Australia's largest apartment tower projects, the $850 million

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Delusional Economics: The GC moves to the next level 20/12/10 12:42 PM

ONE of Australia's largest apartment tower projects, the $850 million ▼ December (31)
Oracle Broadbeach complex on the Gold Coast, is in receivership. The 505-
Regional Queensla
apartment complex at Broadbeach was being developed by Niecon of oversupply...
subsidiary South Sky Investments. Anecdotes of debt
in retail.
South Sky Investment director Michael Nikiforides placed the company into "Return to normal"
receivership. revisit
Something that see
It is the second Niecon-related business to fail. ignored by other
The GC moves to t
This month the Nirvana by the Sea residential Gold Coast project was also Goodbye and Good
handed over to its financier. blogger
The flog just can't
It is understood that the completed Oracle project collapsed because of
The circus so far.
problems with settlements of up to 400 apartments within the towers that
Is Victoria going fo
had been pre-sold before the global financial crisis.
It's not the price,
global...
After the crisis hit, many were unable to come up with the cash.
More on Queenslan
troubles.
The apartments had been in the process of settling since October, sources
Meanwhile.. back
said.
Glenn warns on mo
This is no "two-bit" apartment complex; this is a massive twin tower complex that takes Oh what a surprise
up an entire block at Broadbeach. We actually spoke about this complex previously again.
where we noted the large hit the banks are taking and also that there are a number of Weekend Mailbag
other large developments in the same area in the same predicament. These were all The ABS to the res
funded in the boom times on a promise of payment by money that is no longer
Looking for a clear
available. Everyone wants out as the Gold Coast market collapses, this isn't going to mortgage issuan
help.
Now it's the banks
Deep T - Is Securit
Once again we repeat. It has only just begun, without further government intervention
of the Devil?...
the Queensland economy is in deep trouble. We have little doubt that a recession is
They're still not lis
coming.
Self fulfilling proph
credit ma...
Disclaimer: The content on this blog is the opinion of the author only and should not be taken as Rents to the Moon
myth.
investment advice. All site content, including advertisements, shall not be construed as a
recommendation, no matter how much it seems to make sense, to buy or sell any security or financial Readers' Letter: It
too.
instrument, or to participate in any particular trading or investment strategy. The author has no position
in any company or advertiser reference unless explicitly specified. Any action that you take as a result of Another bad week
information, analysis, or advertisement on this site is ultimately your responsibility. Consult someone who Premature loathing
claims to have a qualification before making any investment decisions. Why did the RBA n
More "Keen" Territ

Posted by Economic Delusion at 7:39 AM Deep T - The Rorts

Delusions, w...

1 comments: More "surprising" n

Did you buy gold ?
Thirra said...
Banks telling staff
Shades of Schadenfreude I know but I would love to see the Gold Coast abomination property
fall flat on its ugly face.
► November (55)
October (53)
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Delusional Economics: The GC moves to the next level 20/12/10 12:42 PM

It is certainly not the only example of crass developer greed and stupidity in ► October (53)
Queensland but it sure takes a prominent lead in that race to waste and destruction. ► September (40)
December 18, 2010 7:36 AM ► August (37)
► July (72)
Post a Comment
► June (61)
► May (121)
► April (10)

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