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From: Jim Kouta
Hi all,
As an experienced property investor in Melbourne for over 30 years and remaining positive for all those years I have just about thrown the white towel in. Prices are ridiculous at the moment and it's almost impossible to make money, although the smart investors will always find something(maybe not in this climate though). My advise to the newbies is to save your cash and buy in 1-3 years time when things slow down and people are forced to sell because they can't afford to hold onto their IP. You will make more money in the bank at the moment! Senior management at a large bank and several high profile real estate agents(close friends) have admitted that lot's of people, especially newbies are going to get burnt. Just like the tech bubble burst in the stock exchange, so will property. Call me a dooms dayer if you wish, but also consider my 30 years in real estate and hopefully what I see as being good advise. And those who talk about history and that property never falls, there's always a first, when, I don't know.
Personally, I'm going to sit back, save my hard earned cash, invest in something else, which I haven't worked out yet and sympothise with people who spend ludricous, almost laughable amounts of money on property who expect to make money and then snap them up for a bargain in 1-3 years time.
Finally, property is a great investment, but now is not the time.
Read this article from the financial review:
http://www.domain.com.au/news/goto.asp?url=/news/2001/08/18/nat121.asp
Hi all,
As an experienced property investor in Melbourne for over 30 years and remaining positive for all those years I have just about thrown the white towel in. Prices are ridiculous at the moment and it's almost impossible to make money, although the smart investors will always find something(maybe not in this climate though). My advise to the newbies is to save your cash and buy in 1-3 years time when things slow down and people are forced to sell because they can't afford to hold onto their IP. You will make more money in the bank at the moment! Senior management at a large bank and several high profile real estate agents(close friends) have admitted that lot's of people, especially newbies are going to get burnt. Just like the tech bubble burst in the stock exchange, so will property. Call me a dooms dayer if you wish, but also consider my 30 years in real estate and hopefully what I see as being good advise. And those who talk about history and that property never falls, there's always a first, when, I don't know.
Personally, I'm going to sit back, save my hard earned cash, invest in something else, which I haven't worked out yet and sympothise with people who spend ludricous, almost laughable amounts of money on property who expect to make money and then snap them up for a bargain in 1-3 years time.
Finally, property is a great investment, but now is not the time.
Read this article from the financial review:
http://www.domain.com.au/news/goto.asp?url=/news/2001/08/18/nat121.asp
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