'Not sure why the average Australian is so oblivious to what is occurring the world? Surely there are lessons to heed?'
You're talking to property investors (even worse property bulls), most have utterly no idea about finance or economics. Thus you're talking to a brick wall. They think falling prices = bargain hunting since prices will always 'rise'. Japan, the USA, UK then Europe are all meaningless.... Australia is different, logical economic and financial sense do not apply here...
I'd know, family members of mine own and operate one of the largest RE sales businesses in my state. Most of them - clueless.
However funnily enough they are finally admitting how dire it is, but still cannot fathom a potential meltdown of our financial system (they don't understand it anyway). Despite lower interest rates having no effect on demand, they are adamant they will... I mention USA, UK, Europe and Japan and receive strange looks as if I am speaking ancient Greek mythology.
Most properties now are sold on the 1 and only offer received, and the agents new tactics is to basically accept these discounted offers as they are too scared to try for more in case they scare the buyer.
Lastly, look at the job losses? Financial services and accounting firms are shedding people every week, its not reported in the media but I can assure you its happening. Not to mention the mining industry is even shedding miners, engineers and contractors. Who would of thought our engineers would be losing there jobs? I thought we had a shortage?
Watch this space, its about to get worse.
My warning to all: DO NOT BUY PROPERTY at present.
