The Australian residential real estate market is the biggest ponzi scheme in the history of mankind.
The Australian banks, whose greed knows no bounds, have fueled the real estate market by granting credit based on security of the inflated asset. The banks together with self-interest media many of whom have been supplementing rapidly dropping revenue by selling advertising supplements of weekly real estate offerings.
The principle of negative gearing must be the single biggest offender against ordinary people, with cashed up (mostly older) "investors" effectively raping financially tenants and renters.
The first home buyer is virtually non-existent in this market.
This will end badly, with many of these investors being left with nothing. The banks too will be badly hit.
No one is saying anything about the fact that interest rates are being manipulated to be at historic lows, pushing self-funded retirees out of savings and into a wildly over valued stockmarket.
