re:depression coming -property
yes, its the real estate agents who concern me. The majority don't know the first thing about market forces and what causes bubbles. Naturally they can't really say anything negative as its their livelihood. thats why its up to buyers not to listen to their sales pitches. Who would take investment advice from someone who's not even qualified? Some of the qualified ones are dodgy enough. Another thing I think is funny is that someone who gives advice on buying realestate does not have to be qualified or licensed whereas anyone who even recommends to a client to buy $1000 worth of shares does. Where is the logic in this. This suggests that even the govt thinks property is such a safe investment that a broker recommending someone pay half a million for a CBD unit as a good investment is acceptable. to me its blind leading the blind. I unfortunately know someone who bought an off the plan unit at way inflated prices based on absurd forecasts made up by the broker. He has little hope of selling for anywhere near the price he paid when its finally built.
To all those who think that its only the unit market that will suffer, think again! Houses and units are COMPLEMENTARY goods. If the price of falcons drops by 50%, commodores will eventually follow.
