Problem with having overseas investors, you cannot compare historically as we protected national assets to a greater degree "back in my day". Some investors are so rich I do not think they care if a property goes down $300,000 just chick feed for them. However if we allow our property to be valued by overseas investors we essentially lock out our own.
It will be the way though with globalisation. My crystal ball show regional areas being poverty areas and quite equal globally in say 20 -50 years. I do not see country advantage as we do today. Cities will be economic centres, what country they are in will mean nothing. The city will need a global role and I cannot see Australia having more than one.
Perth will be like Detroit. Detroit was a one industry town, motor vehicles and never did diversify. Brisbane may have a little brighter future. Perhaps like Manchester in the UK. A place for business that need lower costs rather than geograhical advantage.
My advice to young ones would be to live where you are happy, where there is good supply of work as far as the eye can see, where kids will be happy and where debt does not enslave you. My parents spent my whole childhood working two jobs and suffering for a house and I am not grateful at all. Would have preffered more time at the beach or playing monopoly.
If investing remember Skase paid 100,00 million for Mirage Port Douglas to be built 30 years ago and it has just sold for 50 million so real estate is never a sure thing. Being close to boring things like workplace schools and shops will hold for a while yet but not so sure for the long term unless we diversify as a nation.
