Meanwhile, international rating agencies are trying to remind thicko Australians that buying and selling houses to each other using phony money at prices well above economic fundamentals is not the path to riches but ruin.
The same international rating agencies that where rating junk bonds as A+ grade investments? I'll base by investments on more reputable information, thanks.
Prices are not above economic fundamentals. You bears fair to understand this, and it's why your coming crash has never happened, and prices have risen 50% since 2009 in Sydney/Melbourne since Keen, and the rest of the other bears said that prices were a bubble and would fall 40%. Still waiting. They need to fall 70% now to match Keen predictions from 2008/2009.
Veritas
10 Sep 2014, 01:01 AM
So I expect you will be buying some new investment properties this year then?
How many?
The answer was in the post.
"Anyway, this "stupid" bull has purchase another 3 properties this year SO FAR!!. ".
All QLD, which will have it's growth spurt over the next 3-4yrs after Sydney and Melbourne cool. Normal property cycles.
The same international rating agencies that where rating junk bonds as A+ grade investments? I'll base by investments on more reputable information, thanks.
Prices are not above economic fundamentals. You bears fair to understand this, and it's why your coming crash has never happened, and prices have risen 50% since 2009 in Sydney/Melbourne since Keen, and the rest of the other bears said that prices were a bubble and would fall 40%. Still waiting. They need to fall 70% now to match Keen predictions from 2008/2009.
What reputable information?
Can you share it with us?
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
Sure thing, enjoy the animal spirits while you're solvent dickhead, pretty soon you're the one who's going to look stupid.
Quote:
The coming housing crash the bears talk about has outlasted the Y2K, 4 prime ministers, 7 NSW premiers and a GFC. Still waiting!!!
Fucking rubbish. You're polarising the debate to take cheap shots because you're not clever enough to make any other argument.
Many bears already own property, many were once Bulls. Many, like Marcus, don't really give a fuck about property, but now see the large amount of damage it's about to inflict on our economy and are calling it out.
Quote:
Anyway, this "stupid" bull has purchase another 3 properties this year SO FAR!!.
Wow. It's so inspiring that people like yourself and Noopsy and Silverman and other prize fucktards have arrived on this board recently to start blabbering about your rubbish, ill thought out strategies. It's the clearest symbol I've received yet that we are indeed approaching peak madness in the housing market and a severe downturn is less than a year away.
Quote:
You bears can either learn stuff, or keep whinging at how unfair life is, and how hard it is to get into the property market.
I'm not whining about it. Nor am I complaining about how hard it is to get in to the property market - the bank has given me pre-approval for over 1 million.
It's just that I'm not dumb enough to accept it. Why would I? I'm making a king's ransom doing what time and time again history has shown to be the best way to come out trumps in a large scale asset price bust - clip the ticket of the greedy fools who rush in at the end.
"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.
It's just that I'm not dumb enough to accept it. Why would I? I'm making a king's ransom doing what time and time again history has shown to be the best way to come out trumps in a large scale asset price bust - clip the ticket of the greedy fools who rush in at the end.
It's already too late for you to do that. You needed to buy 2 years ago (or preferably 10) and be sitting ready to hit the market when the yield hits 3% or 3.5% or whatever the right value is for where you are.
Come the bust you will not be able to buy anything because you'll never get a high enough valuation on the property vs. the asking price to get the loan. The market doesn't become illiquid just for a lack of buyers.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
It's already too late for you to do that. You needed to buy 2 years ago (or preferably 10) and be sitting ready to hit the market when the yield hits 3% or 3.5% or whatever the right value is for where you are.
What are you talking about? I'm sitting on a 20% deposit. I couldn't give a monkey's if prices are shooting up. Why the hell would I buy an illiquid asset like property, even to live in? I don't care how much I'm getting hammered by interest rates at this present time. I'm paying such a small proportion of my salary in rent I can save fast. Not as fast as prices are rising right at the moment, but that's fine with me - the greater momentum prices have now means a higher peak and therefore a deeper correction under mean values at the bottom.
Quote:
Come the bust you will not be able to buy anything because you'll never get a high enough valuation on the property vs. the asking price to get the loan. The market doesn't become illiquid just for a lack of buyers.
No, the market becomes illiquid because the credit system is jammed up and banks require higher deposit ratios. So prices keep falling until they're at levels where buyers have deposit ratios that the banks find acceptable. It can take a while, but I'm patient.
"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.
What are you talking about? I'm sitting on a 20% deposit. I couldn't give a monkey's if prices are shooting up. Why the hell would I buy an illiquid asset like property, even to live in? I don't care how much I'm getting hammered by interest rates at this present time. I'm paying such a small proportion of my salary in rent I can save fast. Not as fast as prices are rising right at the moment, but that's fine with me - the greater momentum prices have now means a higher peak and therefore a deeper correction under mean values at the bottom.
No, the market becomes illiquid because the credit system is jammed up and banks require higher deposit ratios. So prices keep falling until they're at levels where buyers have deposit ratios that the banks find acceptable. It can take a while, but I'm patient.
Good luck with that dude. 20% deposit is zero use when valuers are valuing 15-20% below the price sellers will accept.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Good luck with that dude. 20% deposit is zero use when valuers are valuing 15-20% below the price sellers will accept.
Oh that's ok. I have wealthy relatives who can stump up collateral.I'm aware that it's going to take a long time to kill the dream for Australians that rising property values was a way for everyone to get rich. I'm prepared to wait another 4 years to buy.
"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.
Oh that's ok. I have wealthy relatives who can stump up collateral.I'm aware that it's going to take a long time to kill the dream for Australians that rising property values was a way for everyone to get rich. I'm prepared to wait another 4 years to buy.
Ah. It's easy if you can invent wealthy relatives to "clip their tickets" for you, lol. Of course, they will already have had their tickets clipped by the people who sold the properties to them in the first place. Hope your rich relatives still have cash come the bust and aren't out there using it on opportunities of their own or shoring up their own equity. Cash reserves have a habit of shrinking when tough times come....
The world is full of people with no actual market experience who dream of how they are going to kill it when the market crashes while stroking it in the wee small hours. Hell, I've done it myself. But then they learn about bid/ask spread...... Not the spread they were dreaming of.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
The coming housing crash the bears talk about has outlasted the Y2K, 4 prime ministers, 7 NSW premiers and a GFC. Still waiting!!!
Anyway, this "stupid" bull has purchase another 3 properties this year SO FAR!!. . You bears can either learn stuff, or keep whinging at how unfair life is, and how hard it is to get into the property market.
Look up the word "purchase" and get back to me.
I expect that in fact you are stupid, but willing to give the benefit.
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
Ah. It's easy if you can invent wealthy relatives to "clip their tickets" for you, lol. Of course, they will already have had their tickets clipped by the people who sold the properties to them in the first place. Hope your rich relatives still have cash come the bust and aren't out there using it on opportunities of their own or shoring up their own equity. Cash reserves have a habit of shrinking when tough times come....
The world is full of people with no actual market experience who dream of how they are going to kill it when the market crashes while stroking it in the wee small hours. Hell, I've done it myself. But then they learn about bid/ask spread...... Not the spread they were dreaming of.
You're misundersting the concept. Ticket clipping is a not profiting from capital gains - which are volitile and illiquid - it's gains acquired through services provided to speculators. Unlike a speculator, my money is guaranteed. I contract in the retail banking industry. I'm getting inflated rates because the banks are making inflated profits from speculators paying inflated prices for property.
My strategy is pretty simple and well worn. What is it about it that bugs you so much? Are you a little jumpy about your own housing exposure at the moment?
Calling the top is always hard, but most are now coming round to the fact that things are not going too well currently, and the short term outlook is bleak. But far from being doom and gloom about it, I'm positive that this will be the moment that bumps people out of their property obsessed stupor, and we'll soon be able to get to work building a new economy based on something else.
"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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