Thank you - I am indeed magnificient.
The great Oz property crash of 2005.
- Thread starter InnerWestie
- Start date
Thank you - I am indeed magnificient.
this is one of many options yes
Scott pape 2005: Market will crash now! Quick, get out!
Common School of thought published in mainstream media 2007: Market will crash now! Har har har!
Felixter 2007: Spent over $1m on property and realised pretty decent gains
You do the maths
Yes.
You just make yourself look like a tool with this comment. You know these "Awesome" investors who bought in 1990 or 1996 or 2000 or whatever? Do you think it was different to the situation you are now in? Do you think they didn't face the same risks back then that you are right now? You don't seem to be able to ignore hindsight in your opinion making. Back then these "awesome" investors didn't have hindsight so you need to put yourself in their shoes.
Gen Y strikes again. For some reason you guys don't seem to be able to acknowledge that even though unaffordability relevant to wages is high now, people of yesteryear still had to make sacrifices. 20 years ago a first home buyer who grew up in the eastern suburbs could not afford a first home in the east and had to go to the far less fashionable inner west (considered a dive back then).
It's the same thing repeating itself but you just can't see it. The fact that housing is less affordable means just that - it's a little bit harder. It doesn't mean that the norm of having to make massive sacrifices to save and accept buying homes in lesser suburbs accustomed to has ever been any different.
Every week there is an article in the media pointing out how useless and ungrateful Gen Y are. It's hard not to agree.
btw As an "awesome" investor I see plenty of value in Sydney right now.
i find that a laugh, probably written by a baby boomer..
watch m3 closely, thats what I will be doing going forward... as a young 6 figure earner it is still unaffordable for PPOR and makes no sense fundamentally for me atm, then again what would I know im young and dont own a home.
What ive learned: dont argue property fundamentals on a property forum, peoples livelihoods, ego and whole mindset will react violently against it, unless it self reinforces their position.
Also as I always say "there is nothing more embarrassing than dumb people believing they are intelligent"
So assuming 52 weeks you could save 52K a year?
as oppose to making XXX K amount capital gain or capital growth a year through property?
Scott pape 2005: Market will crash now! Quick, get out!
Common School of thought published in mainstream media 2007: Market will crash now! Har har har!
Felixter 2007: Spent over $1m on property and realised pretty decent gains
You do the maths
Yes.
well done you predicted a large increase in money supply and govt stimulus, do you have a relative in the treasury or govt?
i didn't say anything - u said it yourself.
eitherway 52K is not much savings in 1 year compared to other investments which triple it.
So you're how old? and you're more intelligent that others i take it.
there are many ways to make money through property, share trading, investments
Keeping money in the bank is without justifying how you can make more makes more no sense. If you can show how you can do it - by all means - hands down to you.
Can to wager if i am able to make more money that your 1K savings a week in a 1 year? since you earn 6 figures - u surely can afford it
NEWSFLASH***
Young person thinks they are the first person to ever have to work hard for years to get what they (think they) want.
Young person thinks they are the first person to ever have to work hard for years to get what they (think they) want.
i bought one property in 2001ish after i graduated from uni and only just found a job and i'm still looking to buy today
Because as much as people love to catergorize generations each generation is much the same, the average person considers rent to be wasted money and will look to own their PPOR, % of OO to renters may flucuate but one only has to read the news to see the angst of gen Y towards existing housing affordability,to quote you
"history doesnt repeat, but it does rhyme"
,
By the way I rent
Cheers
Pete[/QUOTE]
sure id love to 'can' to wager, of course this will be measurable over the net.. i love the assumption that im just sticking money in the bank aswell.. yes id say im vastly more intelligent 'that' others, but then im only young and a 40 year old is of course smarter than a 30 year old and likewise a 20 year old.
maby i just have a more macro view as opposed to micro one
Where you put your money is already a ponzi scheme in itself...
You deposit $$$ into bank, bank lends $$$ out to home buyers, home buyer uses it to buy a home, the seller puts the $$$ back into the bank.
Now the bank thinks it has 2x $$$. Rinse and repeat. Still early days in your education it seems....
A lot of Gen Ys are the way they are because they are young and read too many textbooks. Not to mention their current salary levels just poses too much of a struggle to do anything meaningful.
However, there are a few Gen Ys here who don't post like that, but maybe it's just not apparent to you we're Gen Ys.
yes their is angst, i dare say with good reason, and no matter how much people believe the baby boomers will never have to sell, that is the generation who they will be selling to. I also agree that rent is dead money to a degree, if I own my PPOR and its $600 a week in repayments, i can rent for $200, there is no cap growth, where am I better off? (not incl stamp duty and other initial costs), where can I save the most money for further investments..
if i was to buy a PPOR id have to take a long position on China, which i would not be comfortable doing, though you can never predict what a govt will do to meddle in markets specifically property.
By the way, how come you're only saving $1k a week?
im well aware on the creation of money and debt as the basis of the system. The MAJOR difference being that you have to put your money somewhere (under bed or wateva) and the principal cannot be touched.
what number would you suggest?
