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08 November 2012

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I grew up in a terrace house in England near Liverpool. These brick houses must be now over 100 years old.

They were built onto the footpath and had a tiny back yard. Any one who wanted a garden could rent an allotment where kids like me could steal rhubarb and strawberries.

They have been converted to have a bathroom and toilet inside since my days of an outside toilet.

Housing development here has been influenced heavily by the Australian "house on a suburban block". Other tropical countries have two and three story brick terraces which appear to be acceptable to the people.

We can fit many more people into low cost high density housing in the inner city areas. Forget about the House and Suburban Block.

Rich people should live in the suburbs - they have got cars. Let the not so well off populate the inner city areas in high density housing.

Without the use of insecure and unreliable public transport life would be more supportable.

The bubble will burst soon enough and all prices will come tumbling down, including a nationwide recession. Our economists haven't learnt from the US, Japan, Europe and now China.

China spent billions investing in high class real estate and pushing prices until the bubble burst, now some of their cities are ghost cities, empty of tenants. The story is the same of the US, Japan, and Europe.

Real estate in PNG must be regulated and prices kept at a minimum so we do not experience this.

Right now investors are borrowing so much to invest in real estate and at the same time keeping the prices at a maximum high, but there will come a time, when they can't find the tenants, then they cant repay the debt, and then all comes crashing down around them and us!

Then it will be too late!

I do not have visibilty on other housing projects in Port Moresby but there is a lot of activity along the 8-9 Mile area.

With these developments + others when are we likely to start seeing real estate price correction?

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