Matt747 , your so funny . Not all of Melb is in a glut . Some suburbs or regions have put on 10% ish in the last year . Hard to believe but true and when I see a house/unit near mine go through for above what it sold for 12 months ago I'll give u the address and agents phone number .
As for the impending recession next year , yep it is possible and even probable with many finance heads now factoring it in hence the declining share market for 2 years . BUT it is a cyclical thing and I reckon there are some fantastic buys at present and maybe quite a few more late 2012 early 2013 and then when share markets improve all will be roses again . This is no different to how each new decade has started since 1980 .
There might be a lot of wealthy tenants but with the majority of folks in Australia owning their house outright who gives a rats if they go down a bit , not me as it will give me the opportunity to upgrade out of my freakin humpy to a nice house again .That is what I did in the 90's and will do again shortly .
Merry Christmas one and all and thanks for the great threads as it passes the time in a bad share market year !
