Admittedly i wrote it just cause noone had replied, but all this extreme bearishness drives me crazy.
Here are some personal facts: Bought a house in Kwinana south of Perth for 290k. Borrowed 270k. I was 24 with a young family to live in the house. Its lost money, id say about 40k. Bank wont be asking me for a capital injection as i pay extra repayments on an income of 65k a year. I have 3 kids and i pay EXTRA on that income. Am i worried that the value has dropped, not one iota. I currently am renting it out as i am caring for my grandmothers house, and thankyou bears for the helping hand negative gearing gives me. If house prices drops dramatically i wont be thinking about the money of lost on my house, ill be thinking about the bargain ill gain when i buy my next house. My retirement is 38yrs away, and i plan on having paid off multiple houses for the income stream. Hope to have some bears renting off me from hotcopper as its a sure thing i wont need to be looking for new tenants any time soon!
