60 minutes hyperbole??

[Aaron Sice]

Is there a buyer's bargain bus doing the rounds in sydney?

All aboard! where do i get on?

what a ludicrous story.

sure, they're doing it tuff - but only because of their lack of finding out ways to get out of it.

"...lets just sit here and rot and hopefully something will happen and things will be alright. yes, that's a plan. after all, i'm a good person. it's not my fault..."

 

[ARF]

The $200k mortgage couple had a phone bill for $220??
If you're that stressed about losing your home, cut the phone line off! That money is almost a week's mortgage payment. It is possible to live without it.

Also, the couple in America had three cars, and were whinging about losing they're house. Prioritise and live within your means.

 

[crc_error]

The australian property market is set to fall. its a highly stacked deck of cards and only needs a small blow, and it will all come down. Edward Karan predicted Q1 as the tipping point..

All those who thought property was safe.. think again!!

I'm lucky to have my money spread accross a number of asset classes.

 

[coffee]

Replay video Petal,

http://sixtyminutes.ninemsn.com.au/article.aspx?id=560015

Geoff

 

[mmmggg]

The truth of sixty minutes.

As investors we need to be informed. We need to research and do our homework. 60 minutes offers very little for the intelligent investor. Accurate facts and figures are what we need. It disappoints me that smart investors would think that a current affairs program which sensationalises issues to capture viewers would seriously consider anything they say. Sure listen but then without emotion consider its worth. We know from history that property rises it may take 7 years or 10. That's a fact. We also know from history that many of the claims of 60minutes is plain untrue. Consider stories they did last year which I couldn't even bother giving examples for that claim doom and gloom sure enough they never happened. Base your decisions on facts not feelings. Thats my 2cents worth. Hopefully it will be worth more next year.

 

[Petal]

Replay video Petal,

http://sixtyminutes.ninemsn.com.au/article.aspx?id=560015

Geoff

Yep watched it now Geoff via the video link. What a lot of sensationalistic crap. Like all good sensationalistic crap there are grains of truth in it but they decide they want to find particular people in particular situations so they go looking for those and put them on TV and in reality they don't really represent what is happening in average terms.

I am sure if Jan and Ian Somers were to voice their opinions it would be as per Jan's books, she has seen it all before. All the things over the past 30 years that had people saying "property is dead" and those that keep hold of them will just continue on after this crises is over and in a year or two or three it will be "property prices are going through the roof" blah blah blah.

I admit to getting caught up in the doom and gloom too at times and feel worried and a bit stressed but I have to remember, it was all well and good when things were going great and in life their will be peaks and troughs, I just have to believe in the asset class I have decided to buy in to and not get swept away in the euphoria be it good or bad euphoria

 

[crc_error]

anyone here buying up those bargins?

 

[Aaron Sice]

hoping to!

 

[Property Meister]

Im in the melbourne market,

that extreme example of $500k being sold for $265k obviously is an extreme,

is there a way to gauge the realistic occuranges in the melb market,

im still looking for a 2bdr unit.townhouse not inner but about 12-20km from the city approx $300k

depending on what the surrounds are doing, I was going to offer about $310k lat week, but now I might offer say $280k,

however if the surroundings are doing worse, I might even do $250k which is only 16% less, doesn't sound like much...

 

[dodge]

I saw 60 minutes too, I was bored. All I noticed was the brand new cars and massive trampoline, looks like the hard decisions where still to be made.

Roger

 

[blaster]

His right and the media as usual are morons or as John Houston said - they've gone to sleep in Australia , 60 min's is a joke.

Why do they even focus on a sub prime crisis , what just because the US is , nothing to do with our stuff , they were all getting conned pure and simple.

Finance is bloody hard to get in Australia that's not even an issue.
Someone committing to something they can't afford when here it is all up front and all over every contract , is a totally different ball game.

Our problem is rediculous house prices , it's a no brainer nothing to do with the US or sub prime , a totally different scenario.

And then we are risking big devaluations which is gonna cause allot of greif but it's still a totally different thing to the US . I just wish as with everything they'd just get it right first before giving us bull.

Even Insight on SBS , same . Brought up all these people that couldn't pay their loans so were blaiming the finance just because of the US problems .But they knew day one what they would be paying it's nothing to do with conning anyone.

A 19yr old with a good job borrows 34k for a car. How is that the financers fault . 19 , good job , living at home , he just couldn't pay when he lost his job. Well his an idiot in the first place for buying a 34k car at 19 anyway, my first car was 500 bucks.
And what someone else buys a 200k house when they could only afford a 150k house , who's fault is that no body walked in and conned them they would have had all paper and figures right in front of them day one.

But I mean can we really expect the average family weather board in the suburbs to be selling for 1 or 2 million bucks in 10-15 yrs time . Me thinks very not, rediculous.
Yet for it to go on , that's exactly where it has to go x 10% p/yr even skipping a few.

It's ain't doable it's as simple as that , no experts needed on that one. There has to be huge market corrections before anything now it's the only place left for it to go.

 

[normailson]

Anyone remember the Bird Flu story that broke in 2006 on 60 Minutes?

The Chinese doctor they interviewed was nearly in tears as he described how this was the biggest pandemic he had ever seen and how it was going to spread. It was "just a matter of time" before the pandemic came to our shores and killed us all. Funny how Bird Flu just.....well....disappeared and doesn't get re-visited. I can't even do a google and get any up to date info; it's all a couple of years old.

But it sold the 60 Minutes brand. And on Monday, people were talking about Bird Flu in more fearful terms than they are now talking about Australia's non-Subprime "Subprime" housing crisis.

But then again, the likes of Liz Hayes lost all credibility years ago when she hooked up with Singleton (an embarrassment to White Australians). And Ian Leslie too, when he hooked up with John Fitzgerald. And Tracy Curro when she asked Ita THAT question. And.....

OK, maybe I'm jealous of Singo but that doesn't mean he's not an embarrassment

 

[evand]

Why are all these things embarrassing? Maybe i've missed something?

But then again, the likes of Liz Hayes lost all credibility years ago when she hooked up with Singleton (an embarrassment to White Australians). And Ian Leslie too, when he hooked up with John Fitzgerald. And Tracy Curro when she asked Ita THAT question. And.....

OK, maybe I'm jealous of Singo but that doesn't mean he's not an embarrassment

 

[normailson]

Why are all these things embarrassing? Maybe i've missed something?

You're missing something. I only said JS was an embarrassment IMHO.

verb
1. cause to be embarrassed; cause to feel self-conscious

 

[Tony13]

Dont miss Dateline next wednesday 8:30pm on SBS.
Story in America about the sub-prime crisis getting worse... could be interesting!

 

[Ausprop]

only just had a chance to watch this... can't believe they rolled out steven keen! they must have rang 100 economists before they found one to give a forecast that depressing. and no logic presented other than our household debt was high

 

[boomtown]

But I mean can we really expect the average family weather board in the suburbs to be selling for 1 or 2 million bucks in 10-15 yrs time

It depends what you mean by "average" and "suburbs". Housing fitting that description currently go for $650 - $850k in the inner ring of Brisbane.

There is no reason to think they wont go for for $1.3 - 1.7 million in 10 years time. In 15 years they could be over $2 million.

 

[landlubber]

Why not ????

Blaster ... I renovate old houses and rent 'em. That's what I do. Lot's & lot's of 'em. I love finding an old unloved house with lino ( are you old enough to know what lino is? ) on the floor because under the lino there is ...( wait for it ..) newspaper !! Some of it is from.... "way back". You know, in Melbourne ( I live here) you could buy "house & land" packages in Box Hill etc for about 600 pounds ( that's $1200 ...our keyboards don't even have "pound" signs anymore ....)

Now...how the heck did those EXACT SAME houses get from $1.2K to (say) $600K ??

When you find out ...let me know ...OK ?

After that ...please tell me why they won't get to ( ...in time) "x million".

LL

 

[Aaron Sice]

i think houses will be 1mil + in 10 years time - what were they 10 years ago?

if you'd have said the median house price in WA was just shy of $500k today, 10 years ago, you'd have been laughed at like a leper in stocks in the town square.

 

[blaster]

G'day LL.
Just an opinion mate.
youknow 4-500% in what 5 or 6 yrss as many areas have - way too much way too quick and suddenly thats all . I mean it just stands to reason something has to give with a burst like that, to me anyway but eh , who knows.
Yep , remember lino . Looking at this great old farm house once and the newspapers were over 100 yrs old.
Spent hours reading them , all about people coming over to Australia on ships , prices , gold rushes , all sorts of things . Mesmorised !
Prices of land , 6 lb and 20 lb for farms. Even found a letter from his sweetheart still in england and due to move over to meet him and marry - had some hair in the envelope , he was building this very house for her right then . Think I worked out the hair was 120 yrs old.
For days after I kept going back to this property , looking for more papers to read , or anything really.
LL mind if I drop you an email , wouldn't mind having a chat about a few things.
Cheers.

Blaster ... I renovate old houses and rent 'em. That's what I do. Lot's & lot's of 'em. I love finding an old unloved house with lino ( are you old enough to know what lino is? ) on the floor because under the lino there is ...( wait for it ..) newspaper !! Some of it is from.... "way back". You know, in Melbourne ( I live here) you could buy "house & land" packages in Box Hill etc for about 600 pounds ( that's $1200 ...our keyboards don't even have "pound" signs anymore ....)

Now...how the heck did those EXACT SAME houses get from $1.2K to (say) $600K ??

When you find out ...let me know ...OK ?

After that ...please tell me why they won't get to ( ...in time) "x million".

LL