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'Tsunami' to hit Australian real estate

Australia's love affair with property is about to turn sour as an 'economic tsunami' looks set to hit world markets, American economic forecaster Harry Dent tells SBS.

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Source: AAP, SBS


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Mr Dent predicts the world will experience a second, deeper downturn, which will arrive between the beginning and the middle of next year.

Starting in Europe, the downturn will spread to the US, China and eventually Australia, he said.

At the centre of the coming debt crisis is real estate, the forecaster says.


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