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35,472 Posts.

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03/02/15

09:48

Post #: 14686898
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Originally posted by HarajukuIsland ↑

I've lived in both countries.

The only difference I see is that in Japan it was only property moguls and real estate agents that participated in the property side of the bubble. The majority of the population there don't have maniacal fixation with everything property that seems to exist here. Life is about living, not renovating your house and bragging about it to your friends.

In Australia it is clearly media driven fomo/ fear of missing out and everyone is drinking the cool aid here. $1-2 million for 3 bedroom cottages in the outer suburbs of Melbourne and Sydney not a bubble?? The high end stuff that was $2-3 mill 10 years ago is now $8-12 mill. Some of my friends houses in perth have gone up almost 1000% in 10 years - yes that's right one of my mates bought and sold a house in suburban Perth from $120K to just over $1 million in exactly 10 years.

No bubble? Bwahahahahahaha.

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So have I., but that means nothing.

Just for your information, corporations were the biggest drivers of the property bubble in Japan, not individuals who had to go to the countryside hours away to afford anything in the 80s.
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