Property underpins Australian wealth but apartment markets will lead to investor pain

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Livewire Markets

Property underpins Australian wealth but apartment markets will lead to investor pain. The SMH reports on a study from Credit Suisse showing that Australians are the richest people in the world (VIEW LINK). The fifth annual study found the median Australian adult was worth more than $US225,000 ($258,000) in June, well ahead of the second wealthiest population on this measure, the -Belgians, at $US173,000... Household wealth in Australia is heavily skewed to real assets - essentially property - which average $US319,700 per household, or 60 per cent of gross assets. Livewire recently caught up with Paul Moore, CIO of PM Capital to gauge his views on the Australian Economy. Moore says there are a lot of bad investments being made in the property market right now. People are looking at the historical performance of the asset class and expecting to generate similar returns into the future. Some very bad decisions are being made right now and they are going to be extremely poor investments. The full interview is available here: &list=PLnaSJPapN1XQ7_23oBN0Q3J2b33BCKdnm

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