malaga, just like most news, not a lagging indicator, but way behind, out of touch, old news
and like the examples I gave yesterday, those prices in Bentleigh, Vic that appeared to show a massive drop from the high medians, were all old unrenovated homes, that would need 200k's spent on them, to bring them, into line with the median prices...
back when the stock market was crashing in 1999/2000 the journo's were obsessed with the stockmarket crash, and trying their hardest to find some good news stories... they bagged the housing market, on a similar belief that is rife today, ie if the stockmarket crashes, so too must the housing market...
they had their blinkers on...
after 2000, a huge amount of people vacated the stocks, and moved to property.... by the time the opionistas woke up around 2004, it was too late, the housing market had boomed...(but it was going higher) so they jumped on that growth and proceeded to call it the top, it could only fall over from then on...
they were at it again in 2007 with the GFC...and it has been a relentless barrage since then....
hello...look at the average growth of 24% to 2010... they are still telling porkies, screaming daily, housing will drop, they pounce on drops of less than 2%, to prove they have been vindicated... they dont take a closer look at the market....they have preconceived notions, attitudes, so when they troll thru houses for sale, and see a lower price, thats enuff proof for them, without looking just a little deeper, to find the truth...
a bit like the banker yesterday, they obviously dont do their homework, they knew who I held loans with, but still harassed me, reckoned they could do a better deal... were they thinking that I was not aware of my current rates, and would be none the wiser, sign up to their rates at least 1% higher...???? total waste of time
or is it a culture, that believes all consumers are really just morons... cheers
