Dont worry about that Pete, Extreme capitalism is well and truly alive on this forum.
So this is where we're at now, driving around country victoria looking for the cheapest available land.
If its cheap, its cheap for a reason, is that not so? Do we really believe in our own 'delicate genius' ability to find something no one else has discovered..
Are we so far into an asset bubble of which we throw out all reasonable investment principles and just buy the cheapest thing we can find and claim a bargain buy?
I've said on here before, i lived in Ireland during the 'Celtic Tiger' economy boom back in 2007, granted, they didn't have the same strong foundations our economy has but they had above-average immigration as we've had and a rush to get wealthy, the pubs were filled with punters beating the same drum as the one i hear on this forum...
You cant lose, the more you borrow the more you make, if you dont buy now you'll miss out, dont buy one buy two!...blah blah blah yer mate have another drink.
The same dribble you'll get in the pubs of Melbourne.
Well they fell in a hole and the financial system collapsed under the weight of so much debt, people just walking away from houses and handing the keys to the bank. Throw in alot of dodgy politicians and shifty developers it was always destined to fail.
Nothing greedier than a bunch of pigs at a trough.
You wont lose buying quality properties in blue-chip locations. The rest... your just gambling.
