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Property Bulls still hell bent on destroying Australia; This is why millions have had enough
Topic Started: 6 Aug 2013, 03:37 PM (12,403 Views)
Elastic
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Actually I take that back that statement. It was a misprint.
Only a rat can win a rat race.

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stinkbug
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Elastic
8 Aug 2013, 04:16 PM
Actually I take that back that statement. It was a misprint.
Too late. You put it on the Internet and now it's there FOREVER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
mel
8 Aug 2013, 04:13 PM
chewbacca assures me he would be the plus 4 :oo:
I quite liked chewbacca.
Edited by stinkbug, 8 Aug 2013, 04:22 PM.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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skamy
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Soul Torpor
8 Aug 2013, 01:52 PM
You might want to go find a bigger platform if jawboning's your thing
Na I am happy here winding up the kiddie winks and cry babies like yourself.
Elastic
8 Aug 2013, 03:19 PM
Skamy, you seem to have a good eye for Charlatans.
Does your bullshit detector ever go off when you read Property investor magazines or anything by Doc Wilson.
Or does the detector only have a "gloomer" setting and not a "spruiker" setting?
Absolutely Elastic I have seen loads of horrors from the never ending boom time spruiking that occurs at the tail end of the cycle that are equally irresponsible. Those real estate investor seminars and shonky auction bidding etc etc. I am a sensible old lady (I lied there :bh: )and I don't like any of this overinflated dooming - glooming or booming talk.
Edited by skamy, 8 Aug 2013, 04:43 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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mel
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stinkbug
8 Aug 2013, 04:21 PM
I quite liked chewbacca.
+1

he was a great woman
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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peter fraser
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herbie
8 Aug 2013, 03:32 PM
peter fraser
8 Aug 2013, 11:52 AM
It's nice to be idealistic, but the question for people who want to buy now is do the goverments at all three levels of federal, state, and local have the will and fortitude to make radical changes that will create a housing crash that will hurt most of their constituents and threaten their own income streams or not, and my guess would be - probably not.
That's an accurate assessment. Not a palatable one. But accurate.
Yes I see where you are coming from, but in fact it's much more palatable than the alternative.

Just read this if you don't believe me.
The worlds scariest graph just got scarier.
Any expressed market opinion is my own and is not to be taken as financial advice
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GloomBoomDoom
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Elastic
8 Aug 2013, 03:42 PM
I think it is unlikely we will see any kind of housing crash in Australia unless we see another boom first.
-1

What if the boom = prices not falling while interest rates have been continually slashed?
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skamy
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Frostyboy
8 Aug 2013, 03:27 PM
You are not listening.

How can you compare Perth with London, paris etc that is laughable?

Southern USA like Texus DID NOT have a property bubble or burst like other parts of the USA because of their liberal land policies. This is my point. You still have not answered why in a growing city like Houston you can get land for 60k while you are going on about Perth land being a bargain in 2010. Its not wages as they are only 10-20% less even though houses are arounf 50% the cost of here.

An average single earner in 2003 could by a house within 1/2 an hour of Perth now they cannot afford to even on the next suburb out (if they can its taking a much greater proportion of their income) it is therefore less affordable would you not agree?

Do you not even consider quality of life when you talk about affordability? According to your measures you can have zero quality of life but if you are meeting your payments it is affordable?

You have quoted somewhere about 20% of weekly household income to service a mortgage. Why use hosehold income and not single median wage? I would like to see the figures for those that have taken mortgages since the boom, they will be spending much more than 20% of their income on their mortgage?

Tell me Skamy, is it more affordable to pay 20% of your household income to service your motgage for 30 years or 25% of your weekly income for 20 years?

Affordability should be measured over the course of the loan not just weekly payments.
I was comparing Sydney with London and Paris etc not Perth.

I can tell you something for nothing there must be big problems with buying property and living in Houston, the prices are cheaper than Rio and south African townships, and much cheaper than many other US cities, quite clearly no-one wants to buy there. I am not trying to be a smart alec but there genuinely must be something about Houston that folk don't like. Anyone here know why Houston is cheap as chips?

Why is San Fransisco so much more expensive than Sydney, why is Sydney more expensive than Woolongong. It is all about supply and demand. There is no magic secret to housing in the US it follows supply and demand like the rest of the world. prices may be a bit lower as they have really quite large property taxes that are an ongoing cost. But like for like in terms of population and GDP their prices are very similar to ours now that they are emerging from the crash of the GFC.

Houston has a population of 2.1m and Dallas is just over 1m and if you compare them to Sydney with a population of 5m, of course Sydney will be more expensive, it is more expensive than Perth and everywhere else in Australia where there is less competition for housing.

We do not live in the US we have a more egalitarian society ie more folk are in a position to buy their own homes, and we do not pay massive ongoing property taxes and we too managed to avoid a bubble and a crash.

.

Now here are some debt stats so I can try to explain to you why this generation is not disadvantaged any more than previous generations, the latest figures are even lower still as interest rates have dropped a lot since this graph was published.
Posted Image

This figure uses the % of disposable income over time. Maybe there is an issue with more 30yr loans today,I don't know, but I know our loans taken in the 80s were for 25 years, but I doubt the RBA would mix up data like this without a statement to that effect)

This second figure shows you the distribution of debt in Australia and should put the nail in the coffin for any claims you may have been led to believe about the lack of sustainability of Australian's debt levels
Posted Image

this third figure shows the gloomer's favorite chart plotted properly by the RBA
Posted Image

You can see that debt levels to income have been stable for almost a decade and the bump that occurred as we moved to dual income loans more older folk bought and borrowed for investment properties was not that huge and has been quite sustainable.



Edited by skamy, 8 Aug 2013, 05:50 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Trojan
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Elastic
8 Aug 2013, 03:42 PM
I think it is unlikely we will see any kind of housing crash in Australia unless we see another boom first.
+5
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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Black Panther
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Trojan
8 Aug 2013, 07:44 PM
+5
Which means Buying Now is a No Brain-er.
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Timo
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Blondie girl
7 Aug 2013, 10:08 PM
Fixed it up for you

Ooooooooohhhhhhhhhhh

What??

Well Timo
Chew on this:

Timo has no AOC = Art of Charm
Most likely a GPUA :) = Green Pick up Artist
Has no experience with the HB ..or with a HD .....HB =Hunny Bunny , HD=High Sex Drive
Just a LCD..ummm no such thing, should be LD = Low sex Drive
Has perhaps made an error with TV :hmm: TV = Transvestite
Just ATM ...= Ass to Mouth
you are the BBF... BBF = Beta Boy Friend

Ps
Those easily offended please ignore this post. ;)
I'm sure you've chewed much worse, and or caught much worse, and try this on for size STI
BeN
7 Aug 2013, 08:56 PM
+1 Good Summary.
Cheers mate, people are tired of being spun lies about housing and how high prices somehow are good for an economy, its a joke.
Edited by Timo, 8 Aug 2013, 08:03 PM.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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