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"We had to get a home" - desperate homebuyers camp out for three days to buy in Sydney; The only way to secure a property as Sydney house prices continue their inexorable rise
Topic Started: 4 Sep 2014, 08:26 AM (9,954 Views)
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John Frum
4 Sep 2014, 08:05 PM
My, such bravado and bluster for a young man! Have you considered a little pornography now and then? Great for relieving the stress of being an undereducated, overleveraged bogan.

Plus you never know, shout and moan loud enough and you might be able to drown out the sound of the negative equity and deflation that's knocking at your door.

If Sydney prices drop the magic 40%, you are still looking at $500,000 median price and a $600,000+ price tag in the area's you probably think you are entitled to. Here's the bad news - you'll be lucky if you see a 15% drop. But if that occurs, you will without a doubt fail to act and miss the boat yet again.

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noopsy05
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4 Sep 2014, 09:06 PM
+1m

but he has heaps of EQUITY MAAAATE
negative equity? two $200,000 loans and two $500,000+ houses. Even if there was a 50% crash I'd still be up hahahahahahahaha
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John Frum
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4 Sep 2014, 10:32 PM

If Sydney prices drop the magic 40%, you are still looking at $500,000 median price and a $600,000+ price tag in the area's you probably think you are entitled to. Here's the bad news - you'll be lucky if you see a 15% drop. But if that occurs, you will without a doubt fail to act and miss the boat yet again.
Oh they'll be going lower from this point alright.

But first they're going to rocket.
noopsy05
5 Sep 2014, 12:49 AM
negative equity? two $200,000 loans and two $500,000+ houses. Even if there was a 50% crash I'd still be up hahahahahahahaha
Maybe if you added a few more 'ha's we might feel something?

Because at the moment you're looking like a moronic dickhead who's incandescent with rage about something and seeking an outlet.

Like I said before, pornography is a cheap release from the pressures of being born a fuckwit.
Edited by John Frum, 5 Sep 2014, 08:15 AM.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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noopsy05
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John Frum
5 Sep 2014, 08:08 AM
Oh they'll be going lower from this point alright.

But first they're going to rocket.

Maybe if you added a few more 'ha's we might feel something?

Because at the moment you're looking like a moronic dickhead who's incandescent with rage about something and seeking an outlet.

Like I said before, pornography is a cheap release from the pressures of being born a fuckwit.
lol just keep paying someone like me to live in there house lmao
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newjez
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John Frum
5 Sep 2014, 08:08 AM
Oh they'll be going lower from this point alright.

But first they're going to rocket.

Maybe if you added a few more 'ha's we might feel something?

Because at the moment you're looking like a moronic dickhead who's incandescent with rage about something and seeking an outlet.

Like I said before, pornography is a cheap release from the pressures of being born a fuckwit.
You think Sydney has more to go?

I ask what has changed to make it stop? Nothing? Not internally but externally? I wouldn't call the top, but I would be surprised if Xmas is higher than today.
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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Sweetdish
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newjez
5 Sep 2014, 12:21 PM
You think Sydney has more to go?

I ask what has changed to make it stop? Nothing? Not internally but externally? I wouldn't call the top, but I would be surprised if Xmas is higher than today.
When people are camping out of fear of missing out I think its fair to say we are in dangerous territory...
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Trojan
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Sweetdish
5 Sep 2014, 12:59 PM
When people are camping out of fear of missing out I think its fair to say we are in dangerous territory...
I think its fair to say any investment is dangerous territory - like they say "no risk, no reward".
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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Veritas
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Shadow
4 Sep 2014, 10:03 AM
That's what the bears said about the 'Ruddprime' buyers in 2009. But Sydney house prices are up another 50% since then.
So the housing stock for an entire city increases by 50% in 5 years and you think that's not a bubble?

:re:
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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Shadow
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Veritas
5 Sep 2014, 01:42 PM
So the housing stock for an entire city increases by 50% in 5 years and you think that's not a bubble?
That's right. 50% in five years is the same as doubling in ten years.

House prices have doubled every ten years on average for the past seven decades.

So the current pace of growth is not unusual.

Unless you think we've been in a bubble since the 1950s?

Also, during the previous five years (2003-2008) Sydney prices actually fell 20% in real terms. So this is really just catchup.

It's always good to look at things in context. Like many bears, you tend to look at brief periods in isolation, extrapolate those brief periods to infinity, and then get yourself all worked up into a panic over nothing. You need to look at the bigger picture.
Edited by Shadow, 5 Sep 2014, 02:34 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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vdmruss
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4 Sep 2014, 10:32 PM

If Sydney prices drop the magic 40%, you are still looking at $500,000 median price and a $600,000+ price tag in the area's you probably think you are entitled to. Here's the bad news - you'll be lucky if you see a 15% drop. But if that occurs, you will without a doubt fail to act and miss the boat yet again.
What boat? I couldn't climb onto the boat even I had a ladder.

I saw those poor souls in the morning on Sunday - I drove past them. I thought it was a protest of some kind until I saw what it was in a newspaper.

The bigger picture is the amount of people calling and visiting me looking for a job. The money to service those mortgages is getting cut off one family at a time. I don't care what the statistics say, the situation on the ground is far different.
Let me assure you that this isn't one of those shady pyramid schemes that you've been hearing about. No sir, our model is the Trapezoid which guarantees each investor an 800% return within hours.
Those who can, do. Those who can't, teach.
"It's an itchy blanket, it's designed to remind you how lucky you are"
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