Australian market 50% overvalued according to The Economist

[devo76]

Re-read my post. Even better, do the research.

[quoe]
The fact that they show minimal foward thinking in regards to there credit rating does not stop jingle mail being a popular USA passtime over the last few years.

What "fact" are you refering to?

Anyone can walk away from loans, here as well as there.

There are consequences in both jurisdictions.[/QUOTE]

I was making a point that your post seemed to state that borrowers in the states will have trouble in years to come with bad credit ratings. Not so much at present when walking away from loans appears easier than here. Fact was a bad word to use. I will remember who I'm quoting next time.

 

[Aaron Sice]

when the USD disappears and gets absorbed intot he amero - you watch what happens to debt tied to USD.

 

[Deltaberry]

And if Indians keep getting bashed (on a purely non racial basis ), the foreign student population will continue its rapid descent. Must be a lot of slum lords anxious about that.

And Victoria as a whole will continue its rapid descent as the destruction of its largest export commodity materialises, which also happens to be this country's second largest export commodity (right now education has overtaken coal and sits just behind iron ore).

I work in the city and aside from the Collins St / Elizabeth St area during lunch times, the city is dead but for foreign students. After 7pm (when corporate people have all headed home), the entire city is as good as dead without the industry. I'm sure apartments like QV and the Woolworths underneath (which I go to every now and then) can probably close down with the destruction of the industry.

But then again what would the rednecks know or care about... keep bashing the kids until the state becomes some backwater post. Doing a great job. And all this talk about Chinese buying houses with outright cash etc, well won't happen when they realise their kids might be at risk of being stabbed to death or bashed until he becomes crippled.

 

[JulieW]

I work at a University and the powers are terrified at the loss of foreign students. A 20 percent drop in enrolments this year tips many millions out of their budgets - where I work they're quoting 18+ million this half year alone. A disaster looming. Less income, less teachers, less class facilities, etc.

Speak out against racism whenever you can unless you want a US style tension filled racial balance here - with it's associated 'neighbourhoods' and violence.

And Blue Card - what happens when the Amero arrives. I'd think by that stage we'd be so stuffed the Oz dollar would be history too.

 

[Aazar]

All I have to say is that these bashings/stabbings have mostly occurred in Yarraville, Footscray etc. What directional bearings do these places have in common?

 

[Hooray]

What directional bearings do these places have in common?

They're in Melbourne.

 

[Deltaberry]

I'm a strong believer of correlation between demographics and violence. Denying doesn't change that.

The ripple effects of a collapsing student industry is significant, it's not just a few landlords and rogue schools who are going to get hit. If you walk into Melb Central and QV you'd see what the customer base is

 

[Aazar]

Deltaberry's right - if you look at any other street besides Swanston Street in the CBD there's pretty much no one there after 7pm. And the people who are there are students who either live on/near Swanston Street or just go there from their apartments in Carlton. You'd be silly not to see the link between Western Suburbs and violence - only people with properties there have a vested interest in denying the truth

 

[JulieW]

Man attacked on St Kilda Beach - cracked skull after being hit from behind in front of scores of beach goers.
Girl jumps from moving car in Brighton after attempted abduction
Boy stabbed in Prahran.
Boy stabbed in Hawthorn.

The issue is bigger than just 'the West'.

 

[Deltaberry]

No doubt it is. But I'd say most of the times I open a paper and see some of these incidents that have occured, I think to myself "ahh... not surprised"

But point taken that violence as a whole is increasing exponentially and this drinking culture is ironically getting quite un-Australian. Not sure if it's just a generational thing where 17 to 19 yr olds today have been overindulged by their parents and are made to believe they can get away with anything, or we just have a weak government and an unviable alternative on the matter of crime and police. I tutored a few young chaps and parents were always very defensive about their children. "Oh he's actually very competent. He only gets Cs and Ds because his teacher and previous tutor were really bad." In reality the son is just unmotivated about life (as mum constantly assures him that if he can't get into uni it's ok) and doesn't want to put in the work. Not sure if that's the right parenting attitude. Sure reminds me of some of the comments about the racial attacks these days - "oh people aren't being racist when they stab you in the back and call you a *** Indian... they're just doing what Australians do." Ok I exaggerated, but that's the jist.

I park my car in a carpark on Russell St. Every night I walk past at 11pm (if I've been out) I'm genuinely worried someone might do something silly - there's some massive congregation of rednecks there since there's a few nightclubs around the corner. Back then it used to be the drug addicts at the arcades, but at least they kept to themselves and wouldn't have the propensity to stab someone with their syrienge.

 

[Bayside]

Housing is still very affordable if you don't mind buying in a ***** area.

 

[JulieW]

Well here's another view.

Imagine you have been shown images of violence, gun play, vigilantism, and selfish egocentric behaviour for most of your 19 years, and these models are held up as hero models.

At the same time you have been endlessly titillated and tempted with a vast range of goods and lifestyle options that you will never see and which are designed to make you dissatisfied with your lot

What do you do when you're angry at having nothing, and your hormones are raging and the last hero film is in your imagination, and for a moment you can become that hero by kicking someone in the head, or imposing your world view on someone by holding a knife in front of them.

"

Mess with me and I WILL cut you". - from Glee a TV version of High School Musical.​

At the same time you have parents who have conveyed their own dissatisfaction and frustration with life and their circumstance onto their children, and who have inherited their parents' declining sense of self worth and moral responsiblity. Is it any wonder their children take their cues from misanthopic Hollywood entertainment and resort to the behaviours they see portrayed in popular culture and aped in their peer groups.

When girls are 'ho's' and 'bitches' and fashion role models like Paris Hilton are celebrated for an amateur porn tape, where drinking is modelled on the binge drinking in 'frat house' parties, where 'gangsta' rap and attitude is adopted by teenagers no matter what their ethnicity, where role models like league footballers indulge in rape, drugs and violence with 'bikie' mates and 'colourful identities' and money talks loudly and 'probation' is the order of the day, it is little wonder that drug and drink fuelled violence is becoming epidemic.

Just a rant folks. Read this again on the wrong day!

 

[Aazar]

Yep. which is why people should stay clear of those areas filled with rednecks. No way would I want my properties to be leased to people like that. Imagine if they killed someone in your house - your property value would fall by 30% in one day

 

[Bargain Hunter]

Yep. which is why people should stay clear of those areas filled with rednecks. No way would I want my properties to be leased to people like that. Imagine if they killed someone in your house - your property value would fall by 30% in one day

You're all heart. No really, a people person if ever I knew one.

 

[Jaggannath]

Says he's banned now anyway... good riddance to bad rubbish.
The point about murder is null and void anyway, could happen in any demographic.

As to the Indians being attacked thing: they live in the lower demographic suburbs because they're cheaper, and are out and about later at night. I don't enjoy walking late at night in any suburb

 

[HomeBuyAU]

I have always thought prices in the main cities are over inflated, especially Sydney. What can you buy for a million there these day, 3 bdr in inner western suburbs? How much more can that grow?

 

[RedCat]

“Home insurer the RACV has reviewed Melbourne’s crime statistics to see which suburbs are most at risk of burglaries.

It found Collingwood, with its high-rise flats and crammed terrace houses, and Caroline Springs, with its brand new homes set on quarter-acre blocks, were the two suburbs where homes were most likely to be burgled.

The review found on average, one in 12 Collingwood homes was burgled each year and that one in 13 homes were burgled each year in Caroline Springs and adjoining Deer Park, which shares the same postcode.

The results far exceed the state average, of one in 48 homes being burgled each year.

The next suburbs on the burglar hit list were inner-city Fitzroy (one in 14), Braybrook (one in 16), Abbotsford (one in 17) and Malvern East, Caulfield East and Parkville (one in 19).”

 

[BV]

What can you buy for a million there these day, 3 bdr in inner western suburbs? How much more can that grow?

Probably a nice house in a very good location

Why do you question the growth on something which is affordable to upgraders today?

As long as people's wages grows in line with inflation, upgraders will be able to buy the same house at it's new higher price in the future

 

[CG++]

Sydney is Sydney. London is London. New York is New York. Got a demand to live near the bright lights, harbour, theatres and restaurants, got a nice income...then pay the price. While there is demand - there will be expensive properties in expensive cities. Noone can expect to be paying 700k for a nice house by Sydney Harbour can they?

I like your point Julia. I believe there is perhaps an influence that can't be ignored there however, I have a sister who has three adult children that have been over-indulged, owned every damn game that ever came on the market as SOON as it came on the market, been given cars as soon as they could drive and you name it - been handed it all on a silver platter. Don't want to work? Not a prob..find a job in a year or so. AND they live out west.

Yet these children are the most loyal, morally sound, loving, family orientated children I know.

It ALL comes down to parenting, values and dare I say a little bit of genetics.

 

[sheepdog]

“Home insurer the RACV has reviewed Melbourne’s crime statistics to see which suburbs are most at risk of burglaries.

It found Collingwood, with its high-rise flats and crammed terrace houses, and Caroline Springs, with its brand new homes set on quarter-acre blocks, were the two suburbs where homes were most likely to be burgled.

The review found on average, one in 12 Collingwood homes was burgled each year and that one in 13 homes were burgled each year in Caroline Springs and adjoining Deer Park, which shares the same postcode.

....

Where did you get those stats from? According to the RACV website (top burglary rates), 3023 (Deer Park/Burn Side/Caroline Springs) is listed as 22nd in the top 40 with 1 in every 37 homes. Further, the burglary stats since 2003 for Caroline Springs look like this:
2008/09 37
2007/08 39
2006/07 37
2005/06 34
2004/05 29
2003/04 21

Considering it has only been 10 years since Caroline Springs was nothing but a paddock, it's doing fairly well. The stats you read are either blatantly incorrect or include construction site theft which is very different to home burglary in reality. Further, as it nears completion, it's Police Station will probably become an all hours precinct which will probably reduce the rate again.

Looking pretty good so far.