Saturday, November 19, 2011

Irvine-omics

BLONDE economics writer Jessica Irvine explains:


Fact is, Australian capital city detached house prices are off just 3.4 per cent over the year to September, according to RP Data-Rismark. Housing is still as expensive as it ever was.

Except that it is 3.4% cheaper.

5 comments:

  1. Elizabeth (Lizzie) B.November 19, 2011 at 9:44 AM

    Another bad hair day at Fairfax.

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  2. Many journalists/subs seem to have a thing when it comes to numbers. Maybe they don't like the whole precision thing?

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  3. PhillipGeorge(c)2011November 19, 2011 at 10:48 AM

    She may have been trying to say: housing is still un-affordable to most young adults.

    And that is an ongoing story.

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  4. Actually, in real (inflation-adjusted) terms, it's around 6% cheaper, and therefore more affordable for all. In Canberra this week: the place is booming, with construction all over the place, but it's off all over the rest of the country. Metaphor for this government really: productive parts of the economy in trouble (outside mining); public sector going gangbusters.

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  5. Her grammar's terrible, and not just for a journalist. "THE fact is", unless you're from Fountain Lakes. "prices of detached houses in Australian capital cities". And I think she knew they were cheaper, which would have been clear had she said "down" instead of "off". She just doesn't think 3.6 % down is much, which needs to be considered in the context of the "property always rises" meme we're endlessly fed by Fairfax's main sponsors.

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