Don't know about 50% but some properties coming onto the market are way under what they sold for 2-3 years ago. This has been coming for some time and I have been sitting cashed up waiting for this moment for 2 years. Put in an offer at a property in Haberfield for $715,000 (3 bedroom, period home, garage, etc) which would have sold for $800,000 2 years ago and the vendor has asked if I will go to $725,000. Get out those cheque books.
60 minutes hyperbole??
- Thread starter WallyB
- Start date
60 minutes did themselves a great dis-service by "mixing issues" and dramatising the housing matter. The US sub-prime crisis has very little parallel in Oz. The couple in Melbourne with the $200K mortgage were just plain pathetic. OK he was sick for a period. That's hardly a mortgage/IR problem. If things are that bad "rent a room" and take in a border or two ...there's a rental shortage folks. As for Kellyville, it's been done to death on this forum.
But, (brickbats and bouquets ...right?) I enjoyed the story on the bees. That scientist was just so believeable. Going to have so much fun reminding some US mates that their food supply depends on Aussie bees !!
Have a great week.
LL
But, (brickbats and bouquets ...right?) I enjoyed the story on the bees. That scientist was just so believeable. Going to have so much fun reminding some US mates that their food supply depends on Aussie bees !!
Have a great week.
LL
Correct me if I am wrong, but did the couple in Melbourne with the $200K mortgage, refinance their mortgage and roll all their other debt into the new mortgage and then complain that they have only paid off $2k in seven years?
How is overspending and poor money management the fault of the lenders?
Cheers
PP
How is overspending and poor money management the fault of the lenders?
Cheers
PP
It's not, but it sure draws viewers when your viewing population is made up of 'battlers' who assume lenders have horns and tails.
Alex
Agreed. a 200k mortgage is really very modest by todays standards, and should be easily payable in todays affluent society (I know I have no problems paying a similar mortgage on one modest wage, but then I also dont have a boat in the backyard).
Fact is we will also have those who cannot budget and will get into financial trouble. It is not the fault of a country on the otherside of the world but entirely the fault of this couples own making. They need to seek the services of a financial counsellor to get them back on track, and most of all, they need to stop whining!
I rarely watch 60 minutes its a shame that a show with such a good timeslot cant produced balanced stories that give us a balanced story rather then something akin to today tonight and current affair.
Imagine working on the show and having to turn that rubbish out week after week. When I do a bad job at work I dont have to show a million people at most one or two people know but to have to do that in front of such a big audience each week would ruin any self respect I have.
I would like to speak to that so called economist and find out if he really thinks a 50% drop in 2 years is iminant I would say he is a pretty poor economist if he thinks that.
Imagine working on the show and having to turn that rubbish out week after week. When I do a bad job at work I dont have to show a million people at most one or two people know but to have to do that in front of such a big audience each week would ruin any self respect I have.
I would like to speak to that so called economist and find out if he really thinks a 50% drop in 2 years is iminant I would say he is a pretty poor economist if he thinks that.
I think what people have to understand- Australia is not theUSA,and i think you will see a lot more of this type of media brianwashing come out over the next 2 years..Hey all
against my better judgementjust watched 60 minutes piece on sub prime crisis, potential oz impact etc
Kellyville (NW syd) was mentioned and "houses going for 900K's a few years ago are now in the 500K's"- I realise it's a softish market but surely these figures would be for a one-off property and not the norm- any thoughts
Wal
What i can't understand is 200k plus is not a lot of money in repayments and after all those years they are still back where they started off,the Lady first of all could go out and get a job and get her mind off the money problem's instead of telling everybody how bad her life is,and sell the second car under the tarp outside the house,the husband can still walk and talk he just needs to have a shave buy some new clothes from the local Salvo's shop so he can also work, it always the same,look for some one to blame,when the only person to blame is themselves..
I just wish that this was happening in my local area in Brisbane but the way things are going in some small inner southside river pockets it's not going to happen well not this year anyway....willair
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Hi Asdf,
What is it with everyone wanting a piece of my paradise! Get your hands off the Northern Beaches, that's my sandpit!!
At least the demand strength should put a floor under that market. Doesn't bother me if they don't fall too far as I'm invested already and haven't got anything left to go again until I develop Mona Vale. So, personally, I'd prefer prices to hold up on the Northern Beaches to allow me easier financing for my development. If they come off too far then my sensitivity analysis on Gross Realisation might make the lenders nervous.
Cheers,
Michael.
that's right - they had rolled some other debt into the mortgage, and then get all teary eyed when they have only paid off $2,000 ... but conviniently forget all the other debt they rolled in ...
i don't think the landcruiser was new - looked rather old - but would be a real fuel guzzler.
hey, recently started working from home, part time (during school hours), doing a job that any unskilled person could do, no equipment (asides from a computer and internet) required ... and made $600 last month.
p.s. loved the bee story and i also thought that scientist was fantastic. deserves much more funding from the government as i don't think they realise what's at stake.
Noticed the early 80's gas guzzler 4wd in the drive way with off road accessories mounted the roof rack. There was also another car in the front of the house under a car cover. Don't know what it was but could see some bright rims underneath.
So, how many people have used the 60 mintues story against you today as a reason for why you're stupid for buying IPs?
Agreed. Gutter journalism. Didnt watch it but read the transcript. The whole story was basically a scare-fest on how bad things are in the US, then a case study on a family who are on the verge of losing their home, and apparently you're meant to believe that the two things are linked because someone says that the US are to blame for our impending crisis, without any evidence offered.
Agreed. Gutter journalism. Didnt watch it but read the transcript. The whole story was basically a scare-fest on how bad things are in the US, then a case study on a family who are on the verge of losing their home, and apparently you're meant to believe that the two things are linked because someone says that the US are to blame for our impending crisis, without any evidence offered.
Is there a buyer's bargain bus doing the rounds in sydney?
As investors we should love stories like that. Why? Because it scares people into NOT investing in property or selling. That's good for us.
Alex
Forget the credit crisis on 60 minutes, check out their other stories on bees!
http://sixtyminutes.ninemsn.com.au/article.aspx?id=560012
http://sixtyminutes.ninemsn.com.au/article.aspx?id=560012
"MAN: It's like buying houses on sale. I mean, they're really cheap. You know, if you can get a house for less than the price it took to build it, that's incredible, and, um, you know, I'm like a kid in a candy store, I'd like to buy a bunch of them."
I couldn't help but think of the people here when the man in the "vulture bus" was cruising 'round. I mean that in the nicest possible way!
I couldn't help but think of the people here when the man in the "vulture bus" was cruising 'round. I mean that in the nicest possible way!
Hi, I did watch the segment in question & one earlier about the Queensland woman who had a $600K house foreclosed on her.
Exactly what you people here pick up on. $200000 or $250000 loan & they cant pay the mortgage because THE HUSBAND COULD NOT WORK. The earlier story was the same as is an article in the newspaper. He gave up a $40K secure job to work as a mortgage broker & did not make enough income to support his bills.
Back to the latest: $200000 mortgage = repayment $20K pa max. so around $1500-1600 per month max.
If they didn't have a house, they will not be able to pay RENT. BECAUSE RENT IS AROUND $300 PW.
I'm disgusted with 60 minutes for airing such rubbish!
KY
Exactly what you people here pick up on. $200000 or $250000 loan & they cant pay the mortgage because THE HUSBAND COULD NOT WORK. The earlier story was the same as is an article in the newspaper. He gave up a $40K secure job to work as a mortgage broker & did not make enough income to support his bills.
Back to the latest: $200000 mortgage = repayment $20K pa max. so around $1500-1600 per month max.
If they didn't have a house, they will not be able to pay RENT. BECAUSE RENT IS AROUND $300 PW.
I'm disgusted with 60 minutes for airing such rubbish!
KY
Hi KY,
Don't be. The media really do pander to the lowest common denominator. The fact that you are on this forum means you're not part of that demographic. They like booms and busts, anything in between is just boring. I extend this observation to the rubbish you see aired on free to air TV nowadays. If it doesn't have police, lawyers, forensic investigators, nurses or teenage love then it doesn't rate. No wonder I can't find anything worthwhile to watch on the aptly named idiot box nowadays.
See it for what it is and get over it. At least the masses might buy into their rubbish which creates a real opportunity for the educated minority.
Cheers,
Michael.
"MAN: It's like buying houses on sale. I mean, they're really cheap. You know, if you can get a house for less than the price it took to build it, that's incredible, and, um, you know, I'm like a kid in a candy store, I'd like to buy a bunch of them."
I couldn't help but think of the people here when the man in the "vulture bus" was cruising 'round. I mean that in the nicest possible way!
i was quite envious of him ....
what a great bus service
