Quote:
Originally Posted by CoolBFWagon
I been on this Forum since 2005 and its been great for technical info on my Fords and other info too......Much better than getting ripped off all the time.
The Oz housing bubble debate was started by a member called 'Dave289' way back during the GFC 08/09.
That thread went on for about 3 years from memory but it got shut down and Dave289 was banned.
10 years later the RE in Melbourne and Sydney is still being heavily invested in and alot of investors have made alot of money due to negative gearing and CGT.
But finally after all this time it looks like its starting to cool a little due to new foriegn investor rules and a tax on empty apartments in Melbourne city that mainly chinese investors have been buying and holding and are apparently many of them are now selling at a loss just to get out of debt as the returns are not as big as they planned on.
So its looking like the market will cool down for a few years and maybe even a bit of a correction.....Could be 5, 10, 15, 20 % but i dont think there will be a crash like Dave 289 used to rant on about???
Unfortunately for all the FHB's that took out interest only loans the banks are now clamping down on lending rules and raising rates for these types of loans which are stupid anyways so if any of them loose jobs it will be extreemely hard to make mortgage payments if they cant find new jobs.
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Well, in brief pretty close to what Dave289 went on about.
The sky is falling - yer right, he got proven wrong didn't he.
I think even the so called "correction" that has been the next favoured word by the Finance Industry and media types such as Ross Greenwood is another one of those "lost leaders" in a way.
Sure a drop now and then will occur, has to BUT in the go to popular areas or close to the CBD I can't see HUGE drops as predicted one day.
Outskirts and new DEV areas for sure will drop and affordable so to speak depending where but near the major cities - the drop will be a minor bump imo.