Have just spoken to the brother of a journalist who lives in Los Angeles - get a load of this - lives in an older estate in a very ordinary 4x2 , nothing flash, and the value of that house would be , after the decline - $700,000US.
This guy sees his brother often and indicates that a comparative house and suburb in Perth would fetch $500,000, he absolutely scoffs at the idea we are overpriced to LA. Any knucklehead can say we have the dearest real estate and none of us are any the wiser as we have no basis for comparison.
Hey Aurelius time to start worrying about your deposit rates they are a coming down as is their intrinsic value - after tax you are looking at a loss of about 13 -14% PER ANNUM. And we should listen to him!
