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Beware Mining Town Bulls - Perth and Darwin Housing Bubbles Ready To Burst!; Entire generation of speculators needs to be wiped out and made an example of
Topic Started: 30 Jul 2014, 04:19 PM (14,987 Views)
Massive
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Geologists seek work - any work - as mining boom goes bust

After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day labourer or pizza delivery man
The collapse of the global mining boom is decimating the ranks of working geologists. With little chance of employment, many are being forced into unwanted career changes to pay the bills.
"I just want the phone to ring and for someone to say we've got work for you, any work," says Scheimer from his home in Perth. The city rode the mining boom over the past decade but is now facing tens of thousands of people returning from mining camps jobless.
While scores of truck drivers, equipment operators, mechanics and other mining staff have also seen their numbers pared, geologists are among the hardest hit as companies abandon exploration and concentrate on working existing mines.
"Times are dire," said Perth-based geology consultant Wendy Corbett. "I have been in the exploration industry for 41 years and this is the worst I have ever seen it."


Read more: http://www.smh.com.au/business/mining-and-resources/geologists-seek-work--any-work--as-mining-boom-goes-bust-20140711-zt3rn.html#ixzz39PeayeEJ
Edited by Massive, 4 Aug 2014, 08:32 PM.
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Poontang
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from the article.....


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A second unemployed geologist, who has explored for nickel in Australia and Africa, said he had recently completed a three-day barista's course and hoped for a steady paycheck after interviewing with a Sydney coffee house. He declined to be identified.

Read more: http://www.smh.com.au/business/mining-and-resources/geologists-seek-work--any-work--as-mining-boom-goes-bust-20140711-zt3rn.html#ixzz39PkInqdl






Did Timmy move to Sydney seeking a new career?
There are some people who seem angry and continuously look for conflict.
Walk away, the battle they are fighting isn't with you, it's with themselves.

The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it.
The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.

Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
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Mr Wang
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1 Aug 2014, 03:18 AM
Oh, I'm not sure about Gladstone. Once the gas "train" construction is over, there will be some residual longterm wage income flow from maintaining export operations. But similar production incomes from the its traditional export industry (coal) are static to declining. And Gladstone is not (also) a "retirement lifestyle" destination in the same way that Mackay, Cairns, or Port Douglas are. The recent harbour pollution debacle has put paid to that.

By contrast, Perth is vastly larger, and has a much more broadly based income stream from mining services, and mining head office functions, as well as being the established population centre for all of Western Australia (which carries innate locus-of-state-government-income streams).

Darwin is more Gladstone-sized, but is again more broadly based, boasting national defence as well as Territory government functions to broaden its longterm economic potential.

Gladstone will thwart decline if the coal price does; quite possible, but still an uncertain bet.
Hurrr nah Perf is just a boom-bust mining town.

The quicker we shake off the parasites in the East the better.
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Lef-tee
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After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day labourer or pizza delivery man
The collapse of the global mining boom is decimating the ranks of working geologists. With little chance of employment, many are being forced into unwanted career changes to pay the bills.


I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
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Frank Castle
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Business As Usual

Lef-tee
5 Aug 2014, 07:13 AM


I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
Fools and their money, pwetentious twats, same same.
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Jimbo
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Lef-tee
5 Aug 2014, 07:13 AM
I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
It is a common problem these days. People routinely spending more than they earn on the assumption that they will earn more next year.
I have a credit card, but I only use it to transact. I don't borrow with it. I pay down my full balance at the end of each month.
I save for things like cars, furniture etc and pay cash.
I work with blokes who are up to their ears in debt because they had to have the Navara and Boat today. They couldn't wait a year or two and save for them.
Same goes for investment property in WA. They don't just buy one and wait for it to grow for a few years. They buy five at once, all in the same suburb. I know one bloke who has three in the same street (my landlord).
Like any market, the more indebted the investor, the more likely it is that you will get knee jerk reactions in downturns. Most in Perth will remember the 4WDs and Boats parked on lawns in 2009 with "for sale" signs on them. I reckon boat sales will be on the increase over the next six months.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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newjez
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Jimbo
5 Aug 2014, 10:06 AM
It is a common problem these days. People routinely spending more than they earn on the assumption that they will earn more next year.
I have a credit card, but I only use it to transact. I don't borrow with it. I pay down my full balance at the end of each month.
I save for things like cars, furniture etc and pay cash.
I work with blokes who are up to their ears in debt because they had to have the Navara and Boat today. They couldn't wait a year or two and save for them.
Same goes for investment property in WA. They don't just buy one and wait for it to grow for a few years. They buy five at once, all in the same suburb. I know one bloke who has three in the same street (my landlord).
Like any market, the more indebted the investor, the more likely it is that you will get knee jerk reactions in downturns. Most in Perth will remember the 4WDs and Boats parked on lawns in 2009 with "for sale" signs on them. I reckon boat sales will be on the increase over the next six months.
Ditto, although I did just buy a new car on a lease scheme, but that has more to do with tax relief than debt.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Mining town markets going from bad to worse: Terry Ryder
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Admin
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Mining town property markets crushed
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Rastus2
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Alex Barton
30 Aug 2015, 09:03 PM


Well he was right warning about minning towns..

http://www.apimagazine.com.au/blog/2011/08/mining-boom-or-bust-avoid-property-investments-near-the-coalface/

Not so good was his claim about melbourne in nov 2011
http://www.macrobusiness.com.au/2011/11/melbourne-housing-supply-goes-ballistic/
Edited by Rastus2, 30 Aug 2015, 09:46 PM.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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