I was looking for some figures for my future web-site to compare Japanese and Australian housing prices and found some great statistics.
For the period 1997 to 2004 Ireland recorded the greatest growth of 174%. Australia comes in 4th with 113%, and Japan comes in at minus 22%!
What can we learn from these statistics? Australia is probably heading for a bust, but will it ever come? There is a lot of debate in the press about this. Japan had a huge boom in the 80s and look at property there now, or can this only mean they are in for a recovery soon?
At some stage this might turn around, but Japan’s economy is predicted to halve by 2050 and walking around Tokyo, all you can see is new high-rise aparments getting built. Japan also has a neglible refugee intake and most foreigners who come here to live only do so temporarily. Australia has a fairly generous migrant intake and population growth is fairly stable.
I think the two countries would make a great comparison if you were trying to predict where future property prices will take us.