Hi
@Banker - have often read your comments about property/mortgages. Assume your Sydney based... have a question and would appreciate your opinion.
Sydney property run up in the 2003-2007 period. I recall Sydney outstripped all the other major cities by a long mile. Average price back then shot to $500k and then flatlined in 2007 - stayed flat till about 2010/11. The remaining states (WA an outlier given mining fueled property pump at the time) were sitting behind us - Melbourne was averaging about $400k and brissie maybe $350k.
My question. Do you recall that while Sydney property came to a standstill - places like melbourne and brissie caught up to this $500k average over the same period?
So I'm thinking of my go forward plan for next 3-5 years. Sydney now has an average price of $1mil. Brissie and Melbourne lower average prices. Does Sydney flatline here for next 3-5 years and not fall/collapse like it refused to last time. Do Brissie and Melbourne averages now catch up to Sydney over the same period.
I'm thinking of going all in here and buy up property up to my ability to service loans with my PAYG alone - mainly Qld, maybe a plot or 5 in Vic in one of the new estate releases that won't be zoned for building until 2018 (won't settle till 2018).
All opinions from XSO blog welcome. Maybe a weekend topic given how quiet weekends are on this thread lately. Cheers.
P.S: noticed TEN and FTA back on peoples radars. One thought I had. The game today is different to what it was 2/3 years ago. EG - Netflix, Stan, etc and the 10bucks a month it costs vs equivalent $50-$100 Foxtel rort that we had back then. I say FTA is currently screwed as a result. To my mind the only option they have now is to replicate the satellite radio model - and maybe they save themselves.
(20min delay)