Gold Coast? I doubt any GHPC bulls advised people to buy there.
I don't remember it ever being discussed. With only 2% of Australia's population, why would GC even be mentioned?
Most of the silly 40% crash predictions were based around Sydney, Melbourne, Brisbane, Perth and Adelaide.
Beyond those cities, there wasn't much discussion.
6th largest city in Australia. if criteria is % of population it qualified Discussion.
Regardless of your opinion, or memory, many spruikers were claiming boom times were ahead for gc as well as the rest of Australia. I beliefe just recently frank castle was posting on goldcoast.
I seem to remember quite a bit of discussion about perth, gc, and rockhampton as well as the cities you cited, however since gc was my location, i paid attention to those posts. I also remember you dismissing the gc when I pointed out the crash. I don't mind, you have your focus, i have mine, we can all be eggspurts in our local area.
Perhaps most of the silly crash predictions were the other cities, however gc got its predicted crash... even if it was only for the top tier properties. It got pretty ugly here, some areas are only now recovering, a few bounced back well.
I have charted Australian house prices over the past decade or so, along with a few choice quotes from the permabear doomsayers.
If anyone can think of any other famous gloomsters and their quotes, post them below and I'll update the chart (if I can find room).
My house in Mount lawley was bought in 1992 for $210,000, today it is worth maybe $2m.
Mom and dad bought a house in Crawford road Inglewood for $56,000 in 1987, today it is north of $1m.
Dad bought a condition purchase farm at Bakers hill for about $3,000.
Today it is worth $1.2m to $1.5m.
He added 3 more farms next door, these are great hedges against inflation but have fuck all yield.
Peter
To be very fair Shadow, great chart, but what you are actually seeing is the decline of the Australian dollars purchasing power over time.
The "real" asset goes up in nominal terms, the other thing you are not showing is the very expensive and continuous improvements done to those properties.
This farm is near Dads farm but is selling in the $2m range, but the improvements on this farm are far more costly than dads farm. So did the farm go up after the owner spent say $500,000 on it??
Perhaps most of the silly crash predictions were the other cities, however gc got its predicted crash
GC crashes regularly. It's pretty volatile. It doesn't take much skill to predict a GC crash as there's always going to be one coming along every decade or so.
Forum administrator, I insist this be taken down before I need resort to further measures.
Don't Buy Now!
Side profiles is best for camera poses, but learn to smile please.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
GC crashes regularly. It's pretty volatile. It doesn't take much skill to predict a GC crash as there's always going to be one coming along every decade or so.
Really, got a chart showing 50% crashes every decade or so ? I would be interested to see that. Here was me thinking that predicting a crash correctly on this forum was a rare event here but it turns out to not require much skill it's just that not many other posters thought to predict it, and many rubbished the prediction.
Had a quick search for gold coast in post search tool... maxed out at 20 pages... as did adelaide ... i would say gold coast has been discussed heaps here, you just didn't notice, or forgot.
When I first worked on the goldcoast it had not gone through a crash, but prices were stagnant for about 9 years... i bought just as it rose and sold 3 years later for 80% profit (edit.. forgot how lucky that rise was).. luck more than skill.
Really, got a chart showing 50% crashes every decade or so ? I would be interested to see that.
GC has never had a 50% crash, although some individual properties may have fallen by that much.
There were ~20% falls in the early 80s and early 90s, and then obviously the most recent fall in the 2000s... every decade or so. It's a volatile market.
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