"But I personally don't see property going down, I did truly believe it in 2010 but was wrong."
But this is the problem now Simon. Alot of people thought that the GFC would see property fall in Aus but we were always going to come out of that relatively unscathed. Now many people think property is infallible and are buying accordingly. Young people hocking everything just to afford a dog box in the city or a in an estate an hours drives from work, people buying investments and negative gearing them with no thought of rental yield (it's the capital growth they want), people buying for their Super Fund as they have been burnt by shares and then theres all the foreigners snapping up prime Australian real estate because it only goes up in value.
I see it every day working in the industry. Feels like the blow off top phase of a cycle to me. Caveat Emptor.
Interest rates at record lows, prices at record highs, unemployment creeping higher. tick tock.
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