Australian Property Bubble: 4. Gen Rent vs Gen Debt
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@ZombiedustXXX Wise words! i think more people start saving when things get worse, but the problem is that starts to happen en mass when there are fewer jobs.. catch 22! Definitely has been overly promoted by the government.. I think the government will only ever be able to dangle a carrot in front of market forces (FHOGrant). as you say, post-crash the dangling efforts turn into a big PR excercise, and im not sure our Julia Gillard will be as charasmatic as Obama :)
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@AussiePropertyBubble By what you have presented, it appears that the Australian gov't. is well involved in promoting home ownership beyond market forces. This is disasterous if the the real estate was as leveraged as the US market. The post-crash Obama administration's policys seem to be only good for a presidential speech, then an unsustainable bump in the overall housing figures.
All I cant say is, if you choose to rent or own, make sacrifices NOW in your daily/monthly budgets.
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@ZombiedustXXX Thanks for the post and international contribution! Always interesting to hear the similar features between housing markets, especially from california (re borrowing against equity, 2nd/3rd homes etc). I agree on pay by the month mentality and with Australian (and UK) variable rate mortgages, any fall here may be tempered (ala Jeremy Grantham). Also 'The US versus Australian bubble' on macrobusiness (com au) website gives good comparison on the two markets. cheers again!
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@ZombiedustXXX Part three. I hope everything turns for the best for Australians. You have a lot going for you.
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Great video! Australian's obsession with owning property and seeing prices continually rise is appalling. I moved to the UK 7 years ago and seeing how expensive Australia has become puts me off returning. There is more to life than property prices. The concept of a house being somewhere to live was lost long ago.
The paper's constant ramping of the market and passing it off as news is also disgusting. People don't question the fact that a good % of their revenue is from real estate advertising.
dcau1 6 days ago
@dcau1 Yes yes yes! more to life than property prices so true.. Its a pain the govt forces you into the relocation (i.e. rental) market and you have to adapt your lifestyle, No heavy furniture, can't collect a lot of stuff etc. I think the MSM, be it papers/TV are LOSING peoples trust. If the market does crash all their spruiking exists IN INK on the internet. While the line they unmistakably tow may pay well from advertisers now, whats more important in the future economy is peoples TRUST.
AussiePropertyBubble 5 days ago
I enjoy your Vids, I have always thought its crazy people being in debt by $100,000s
they have been brain washed by the "AUSTRALIAN DREAM" I lived in North America for 14 months and only came back recently,only than did i see what was going on in Australia. I sold by property 6 months ago. I could not think of a worser financial decision than buying another property, to me its clear a crash is coming, who ever will have money to spend when it comes will be the victors,
TheBuick23 3 weeks ago
@TheBuick23 Hi there, apologies for the delay in reply.. ive been busy doing the next vid which should be uploaded tomorrow.. some very concerning trends ive photoed for retail and property in it. Yes i think theres years of deleveraging ahead which is going to manifest this year some time, most likely after the Autumn auctions in May.. thanks for the post and keep saving for a rainy day!
AussiePropertyBubble 2 weeks ago
@TheBuick23 Thanks! Yes its such a delusion that austalia is different, but its only proven once the market has turned and its too late. I think the experience of being in the US where property is still struggling would be very eye opening for many Australians. its just hard to imagine that having such low unemployment recently, but as we see the non mining economy slow, more people are starting to ask questions about large debt, which they should.. Cheers!
AussiePropertyBubble 5 days ago
Cheaper rents on the way? looks to be in some areas surrounding melbourne - search hearaldsun com au for "rental-vacancy-rate-an-ominous-development-says-sqm"
AussiePropertyBubble 1 month ago