{"id":19289,"date":"2016-02-22T00:00:00","date_gmt":"2016-02-22T00:00:00","guid":{"rendered":"https:\/\/cms.fiveaa.com.au\/uncategorized\/financial-guru-predicts-massive-australian-property-crash-next-year\/"},"modified":"2016-02-22T00:00:00","modified_gmt":"2016-02-22T00:00:00","slug":"financial-guru-predicts-massive-australian-property-crash-next-year","status":"publish","type":"post","link":"https:\/\/cms.fiveaa.com.au\/news\/financial-guru-predicts-massive-australian-property-crash-next-year\/","title":{"rendered":"Financial guru predicts massive Australian property crash next year"},"content":{"rendered":"

An investment expert who predicted property market busts in Ireland, USA and Spain has now declared that Australia\u2019s \u201cinsane\u201d property bubble will be the next to burst \u2013 and he says it will happen next year.<\/h3>\n

Jonathan Tepper<\/a> says \u201cit\u2019s not a question of if, it\u2019s just a question of when\u201d.<\/p>\n

\u201cIn Australia the madness is collective, meaning everybody is borrowing more money than they should,\u201d he told 60 Minutes<\/a> on Sunday night.<\/p>\n

\u201cProperty values in Australia are out of control and the level of mortgage debt in Australia is something like 3.8 times the gross domestic product.\u201d<\/p>\n

\"Financial<\/p>\n

Jonathan Tepper | Image | 60 Minutes<\/a><\/h6>\n

He said the \u201cunsustainable level of borrowing\u201d would cause Australia\u2019s mortgage bubble to burst within the next year, sending property values south by 30 to 50 per cent.<\/h3>\n

Mr Tepper said when he pretended to earn an annual salary of $110,000 as part of an investigation into the Aussie housing market, he was offered a million-dollar apartment on 95 per cent borrowings.<\/p>\n

He said property developers told him they knew people on the inside who could help.<\/p>\n

\u201cInsane, that\u2019s the best word to describe the Australian housing market,\u201d Mr Tepper said.<\/p>\n

WATCH JONATHAN TEPPER HERE:<\/h3>\n \n