Hi ctindale, no probs but I own my properties i.e. I have no mortgages. I just get a bigger and bigger rent cheques each month. In fact you only have to pull out a chart for the last 30 to 40 years to see how property moves. It is the safest long term investment in fact it moves around 10% per year without counting rental returns.
And so does the stock market recover but the only problem is how many stocks survive a crash? Housing they are all still there last time I checked. I would suggest that people don't realise how many people in Australia have been accumilating property in cash. We are going to have a US system where a few own all the property and the rest rent.
You are correct the ones that bought in the last 3 years are under pressure but good for me. I will do what I did before buy up a heap sell some and pay some more off. BTW I will never sell my properties and I don't plan on dying so they will be with me for sometime. Everyone just has to take a long term view with housing - and not a bad idea with surging rents.
BTW housing under pins the Australian economy do you really think they won't drop interest rates to stop a crash? Granted there will be a downturn never said there wouldn't be but won't be as bad as people think. It will really hurt the mortgage belt no doubts and we will hear them crying all over the place claiming the world is ending.
But it won't be smart people like myself will be accumilating for the next wave up. And then we will sell 30% of them and pay the rest off again. And on it continues in each cycle - just like playing monopoly. You see I worked 15 years in real estate ran a few Elders offices and retired early. Actually as of tonight I just turned 36 very depressing in truth...lol.
Problem is people are always reading too much doom and gloom into everything. The world won't end and those people miss the oppurtunities in life. The property market is about to become one of those once in a lifetime oppurtunities again. But the doom and gloomers always jump back in too late. They try to pick the bottom and always miss it. And they listen to people with the same views only - big mistake.
I never listen to doom and gloomers as an expert on property I am - I am just waiting to get richer when the next oppurtunity presents itself. I am sure we will all have this discussion again in about 15 years or so after the next boom. Just remember property is like everything patience is required but long term you can't lose. Good luck all.
