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About JP1746

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  1. Even if that was the case, So What ? Why is it evil / bad to promote a crash, but noble / good to promote a boom ? JamesP
  2. Since the Sydney property market came of the boil a while back, every man and his dog in the so called "investment seminar" racket has waxed lyrical about Perth / WA, as though it had some supernatural invulnerability about it. Well, the bigger they are, the harder they fall, I reckon - watch for some spectacular declines in WA ... coming SOON. PS - full marks to John Symonds for telling it like it is. Watch them all come out of the woodwork now !
  3. The world is NOT run by morons ! It is run by very clever people whose primary objective is to stay on top and keep the morons being morons. When has it ever being any different ?
  4. Hi all ! It is indeed a fragile market in Aus these days. Went to a property auction today, of a place I've been following. - Originally listed at $495k 18 mths ago - Reduced progressively, and down to 410k as at 3mths ago - Auctioned today, sold for 345k (vendor had arranged auction, but two banker types were 'holding his hand' and basically forced him to accept the highest bid - ie, a forced sale !) This type of sale is not unusual these days. Rather than bank take over and arrange a Mortgagee sale, they are guiding the defaulting mortagor, under threat of them (bankers) taking over if
  5. It doesn't seem to me that Aus is 12 mths ahead of UK. I was of the view they are running about the same, though as someone said above, there are big differences state to state. Sydney leads the way though, and it seems the denial phase is at the tail end at present. Another .25% rate increase in early April (likely) will really set the cat amongst the pidgeons I reckon ! Also, Aus has gone up a lot more than UK, the greed factor has been greater, and on average, borrowers are way more overcommitted ! As yea sow ... JamesP
  6. "economic armaggedon" ... Oh, you mean the unrealistic hyperinflation real estate has experienced recently ?
  7. Goes to show - there are lies, damn lies and statistics. No evidence at all of a price increase from my contacts in Melbourne. One of them pointed to the following brief analysis of the so called 'Age' (supposed to be a respected publisher) report, which he picked up from another (Aus) forum, and since found accurate .... Quote ... The overall figures are skewed by large jumps in Toorak, South Yarra and other highly priced suburbs. Turn to page 20 and you'll see how the figures are meaningless... ie Essendon North suffering a 33% drop from Sept 2004 qtr median of $565k to $382k in Decembe
  8. When they find out ? I reckon they are intimately aware just what their LVR's (loan to value ratios) are, every day. But what can they do about it ? Sell everybody up ? - you would then have a collapse of monumetal proportions. They will do the only thing they can - keep everybody ticking over as best possible, selling up only the very worst defaulters, and hoping it will all boom again soon ...
  9. Yes, he had significant parental assistance. 1st house was in Nepean area, Lower Blue Mountians, 55 kl west of Sydney NSW - a small fibro cottage he had bought for around $AU150K. He since bought another 2, similar. All are currently on the market.
  10. Yep - sounds like a spin off from an actual event (as I've heard) concerning the '29 stock market crash and subsequent depression. Some super rich dude wanted a bell hop (porter ?) to carry his bags into the hotel, but couldn't find any around. Eventually, he managed to grab one by the shoulder, and asked what was going on. To which the bell hop replied that he was rushing off to buy shares, as were all the other bell hops. The super rich dude immediatley rand his broker, and instructed him to sell all his shares, immediately. The rest was history. It worked the same in principal for me. 18
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