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Perth Housing stock continues to fall
Topic Started: 12 Aug 2016, 02:42 PM (50,720 Views)
Jimbo
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newjez
27 Aug 2016, 06:51 PM
But I'll concede on the meth labs.
The great thing with meth labs is that they tend to be set up in rental properties.

Someone rents their future pension fund out to a no hoper and they blow it to smitherines.

I don't reckon Matey is a wife beater though.

Far too calm and collected for that kind of thing.
Edited by Jimbo, 27 Aug 2016, 06:59 PM.
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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Matthew
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Jimbo
27 Aug 2016, 05:34 PM
Show me some numbers Matey.
Numbers Dim?

Sure here are some numbers:

110 weeks rent (and counting) @ $500 per week waiting for a crash that isn't coming = $55,000

2.2% for an agent to sell your house at your alleged $1m sale price because prices were going to crash 25% in 6 months which didn't happen = $22,000

Stamp Duty on the $1m you were going to pay when you "traded up for free" = $43,137.10

Some numbers just for you Dim.

My only hope for my three boys is that they turn out nothing at all like Chris.
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Simon_S
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newjez
27 Aug 2016, 04:13 AM
But you do seem to be bunny boiler material.

Yep just read some of his old posts.......

I remember him saying his mate died and all this other stuff and he need time away.....and blah blah blah.

Do these idiots magically think people forget everything after a few weeks?
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Jimbo
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Simon_S
27 Aug 2016, 07:31 PM
Yep just read some of his old posts.......

I remember him saying his mate died and all this other stuff and he need time away.....and blah blah blah.

Do these idiots magically think people forget everything after a few weeks?
Matey is an over leveraged speculator who jumped in just as everybody else was jumping in.

He is up to his ears in the shit just like Mike and Skammy.

His only hope is that some other mugs will bid the market up a bit so that he can get out with what's left of his shirt.

When he is not on here, he is on Perth Now and various other sites telling everybody that the market is on the verge of turning north and now is the time to buy.

When a thread ends on Perth now, he and his imaginary friends continue the argument on his own purpose built argument continuing blog.

So as not to sound desperate, he paints a picture of a successful businessman who has made such a fortune from property that he cares nothing if prices drop.

He is only on here as a hobby, to share his knowledge. His posts are always factual and not designed to try and shift market sentiment.

Anybody who disagrees with him on anything is a wife beating, meth lab dwelling ##@##@#.

Apart from the above, Matey is a normal bloke.
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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Matthew
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Simon_S
27 Aug 2016, 07:31 PM
I remember him saying his mate died and all this other stuff and he need time away.....and blah blah blah.
Sean died. I needed time to reflect on what was important and did that.

Just because Sean stopped living does not mean I intend to do the same. I have made adjustments to my life, including not posting here when I am home with my family. Sadly for me I am in another country at the moment and as Ben Cousins said idle hands are the devils tools.

Did you have something meaningful to add, or was that all?
Jimbo
27 Aug 2016, 07:48 PM
Matey is an over leveraged speculator who jumped in just as everybody else was jumping in.

He is up to his ears in the shit just like Mike and Skammy.

I purchased my first property over 20 years ago and still own it today. I have no debt. I don't read Perthnow. Havent commented there in years.

Change the record Dim. This "go to" place you have when you are getting humiliated is pathetic.

How about you address the numbers you asked for?

if you didn't like them perhaps a couple of others for you like. Like -8.6% which is the current devaluation of the pound you were going to make an easy peasy 15% quick gain on. Or -14.7% which is how far down your Barratt shares are since you bought them in GBP terms. Or better still -21% which is the A$ loss on Barratt when you took 1+1 and made potato.

Are those numbers better for you?
Edited by Matthew, 27 Aug 2016, 08:09 PM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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Jimbo
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Matthew
27 Aug 2016, 08:02 PM
I purchased my first property over 20 years ago and still own it today.
So you say Matey. Maybe you did as well. Then a few years back you did what every other dumb arse "investor" did and got yourself a line of credit. Probably bought a handful.

Couldn't lose could you Matey. Population growing at 80k pa, sod all land being released, poor people fighting with eachother for the chance to rent a 3x1 dogbox.

A once in a lifetime set of circumstances and you are hoping it comes back again to save your arse.

Quote:
 
I don't read Perthnow. Havent commented there in years.
Sure thing Matey. So why is your entire blog devoted to "he said, she said on Perth Now"?

Quote:
 
How about you address the numbers you asked for?
You haven't provided any numbers Matey. Just some made up bullshit about one REIWA reported land sale being one new unit of housing and most of the other builds being like for like replacements. Then you used 20 month old migration numbers to claim we are under building right now.

No actual numbers Matey. Just bullshit.
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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Simon_S
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Matthew
27 Aug 2016, 08:02 PM
Sean died. I needed time to reflect on what was important and did that.

Just because Sean stopped living does not mean I intend to do the same. I have made adjustments to my life, including not posting here when I am home with my family. Sadly for me I am in another country at the moment and as Ben Cousins said idle hands are the devils tools.

Did you have something meaningful to add, or was that all?

I purchased my first property over 20 years ago and still own it today. I have no debt. I don't read Perthnow. Havent commented there in years.

Change the record Dim. This "go to" place you have when you are getting humiliated is pathetic.

How about you address the numbers you asked for?

if you didn't like them perhaps a couple of others for you like. Like -8.6% which is the current devaluation of the pound you were going to make an easy peasy 15% quick gain on. Or -14.7% which is how far down your Barratt shares are since you bought them in GBP terms. Or better still -21% which is the A$ loss on Barratt when you took 1+1 and made potato.

Are those numbers better for you?
Yeh, I'm still waiting for you to explain why Economic Composition failed to prevent the GFC.

You seem more civil this time around which is a nice change.

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Rufus
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Simon_S
27 Aug 2016, 09:56 PM
Yeh, I'm still waiting for you to explain why Economic Composition failed to prevent the GFC.

You seem more civil this time around which is a nice change.
The GFC wasn't caused by debt or high house prices, it was caused by an absence of prudence by lenders resulting in poor quality loan books and an inability to determine counterparty loan book quality, thus causing a freeze in interbank transactions.

Categorizing poor quality loans as AAA rated and selling them into the market didn't help.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Jon Snow
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Rufus
27 Aug 2016, 10:08 PM
The GFC wasn't caused by debt or high house prices, it was caused by an absence of prudence by lenders resulting in poor quality loan books and an inability to determine counterparty loan book quality, thus causing a freeze in interbank transactions.

Categorizing poor quality loans as AAA rated and selling them into the market didn't help.
No, that isn't what caused the GFC.

The US imported almost 40 million immigrants, outsourced it's manufacturing base to China, and went on a corporate automation drive replacing labour with machines and technology.

This led to a perfect storm of declining real incomes, to which there was a predictable, socialist, democratic response of vastly expanding the welfare state, part of which was introducing legislation that required the banking system to lend people money they could never afford to repay. Compound interest increases your debt, and so does declining real income.

The declining real incomes were temporarily reversed by the construction boom in residential housing, misallocating capital to the construction of millions of houses that would never be lived in. This temporary decline made the socialist engineers believe their hand in the free market was working, causing them to double and quadruple down on it.

The final result of this was that the US dollar began to precipitously decline in value, causing foreign investors to begin pulling capital out of US money markets. To arrest these outflows, Greenspan raised interest rates until the dollar had regained its value and capital flows reversed, but the effect of raising rates on overleveraged schmucks with no real income was as tragic as it was predictable.
Speak when you are angry and you will make the best speech you will ever regret.
Ambrose Bierce
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Rufus
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Jon Snow
27 Aug 2016, 11:13 PM
No, that isn't what caused the GFC.

The US imported almost 40 million immigrants, outsourced it's manufacturing base to China, and went on a corporate automation drive replacing labour with machines and technology.

This led to a perfect storm of declining real incomes, to which there was a predictable, socialist, democratic response of vastly expanding the welfare state, part of which was introducing legislation that required the banking system to lend people money they could never afford to repay. Compound interest increases your debt, and so does declining real income.

The declining real incomes were temporarily reversed by the construction boom in residential housing, misallocating capital to the construction of millions of houses that would never be lived in. This temporary decline made the socialist engineers believe their hand in the free market was working, causing them to double and quadruple down on it.

The final result of this was that the US dollar began to precipitously decline in value, causing foreign investors to begin pulling capital out of US money markets. To arrest these outflows, Greenspan raised interest rates until the dollar had regained its value and capital flows reversed, but the effect of raising rates on overleveraged schmucks with no real income was as tragic as it was predictable.
True, the declining real incomes had a bearing. That meant that many home owners had to borrow against their homes. But there was a new rush of previously denied home owners with poor credit scores who were allowed into the market. Most of them couldn't repay their loans, they should never have been allowed to borrow.
Take risks - if you win you will become wealthy, if you lose you will become wise
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