A few posts back I departed from the usual subject matter of this blog to predict a plunge in residential property values in Perth, and I cannot think of any particular reason why these values would bounce back any time soon. Since I published that post I have noticed a fairly striking sight at a local medium-sized supermarket in a lower-middle class suburb of Perth, the kind of area that has in the last decade been filled with the sounds of South African, British and New Zealander accents. I noticed three large supermarket trolleys overflowing with marked-down imported food products, all of them from the British foods range. I can only assume that a heck of a lot of Brits have left the area. If it was simply the case of a supermarket being run by buffoons who can’t order or mark down, I would think the overstocked trolley-loads wouldn’t all be from the same nationality in the same product range. Another thing that I’ve noticed in the last month or so is lots of biographies of British celebrities for sale at weekend junk markets, suggesting that Brits are on the move.
I’m guessing that these vanishing Brits would have returned to the UK. This seems a reasonable assumption in light of statistical evidence showing that thousands of New Zealanders returned from Australia to their country of origin last year, with the net flow between our nations moving away from Australia for the first time in 24 years. And now I hear that 60 Minutes Australia will be predicting some kind of massive crash in relation to residential property or mortgages in Australia in their next episode. They are making it sound like something in the ilk of the subprime mortgage crisis in the USA which triggered the GFC of 2007-2009. When I type the terms “subprime mortgage” into Google it offers back “subprime mortgage australia” as one of the suggested searches. It looks like the bubble is really busting this time. Don’t say I didn’t warn you!