And I do agree you need to be careful about when you enter.
But to delay entry over time frames 7 + years to me is silly as you miss the trough and have to sit out the next rally. Then the next trough will not be as low as the prior trough.
IMO I think the bears have mis-interpreted the prior period 2010 to 2012(this was the trough IMO).
I do however agree that the next run is going to be based on cheap credit similar to the USA's final run.
To me the next run (2013 - 2020) will be the final run before some sort of a large market correction post 2020.
But a lot can happen between now and then.
Hell the west is actually (albiet slowly) becoming more competitive again post the GFC.
The west (mainly US at the moment) is exporting more as its wages even out against chinese wages rising year on year without respite. In conjunction with this freight costs are not being friendly to export orientated China.
Europe will follow suite when its current crisis causes a move (just like the US) back to it's industrial roots where they can competitively make things and not just consume imports based on ever expanding debt - Again just like the US.
By 2020 the world may have "evened out" somewhat and that brings a lot of positives to the picture as competitiveness is not just based on cheap wages, but genuine competitive edge.
Australia gets the best of both east and west economically.
And as a place to live we are still one of the most sought after in the world.
End of the day I think we have more pros than cons for property for the next run 2013 - 2020.
