Scary. 52K households would likely default on their mortgages next year?
Know that scene in The Big Short where Steve Carrell's Eisman drop his jaw when a stripper told him she has 5 houses and a condo? I've been reading a few "insight" property articles on SMH/Domain and man, we're doomed.
I don't like to belittle or wish ill on those who does well for themselves. And it might sound like I'm all doom and gloom because I wanted others to fail but... I mean, Domain have a story where a 20 year old kid got some deposit from his mom to buy a property, then another, then another... and he's earning $50,000 a year before tax.
There's an Uber driver having 6 investment properties. There's this young couple having 9 properties, having paid some $3.4M on them and still owes $2.7M but somehow have "equity" of $2.4?
Anyone have any ideas on how we can shelter ourselves against this fallout?
