And Kincella continues to miss the point. All markets go up and they go down. Sure, equity market spruikers deceive, so do property market spruikers. They are all the same.
A couple of responses to Kincellas words below:
"property has been an easy investment, it has 100 years of history....with good growth post the depression"
Two points to reflect on in this statement: 1) Yes, it has been an 'easy' investment - but 'only' in the past 30 years. 2)During the depression it was a rubbish investment - just like everything else was except cash.
"ask some older relatives, what prices they paid for their houses" Not sure what older means to Kincella here, but the oldest relative Ive spoken to about this is 95 y.o. Just old enough to remember what her parents went through in the 30's. The value of their home was a pittance compared to prices prior when they purchased it. Why? Because it was a depression & demand for collapsed!
Again, its false to assume that housing is an easy investment. Over the looonngg term - multi-generations - it IS easy. One sits there and inflation does the rest. But over the shorter term - the sorts of time frames that humans live in - it can be disastrous. Go ask some Spaniards, they can tell you all about it.
