housing market was like the gold rush, page-9

Interesting comparison to the Gold Rush days and amusingly quite similar.

1) A new gold bearing / 'hot property' area would be discovered.

2) The majority of the population would start talking about gold/investment property and the opportunities for easy riches.

3) Ordinary folk would quit their days jobs and become gold prospectors / property investors.

4) Prospectors would purchase their pick, shovel, dredge and mud maps from 'experts' who suddenly appeared. Property investors would purchase 'seminars' and DVD's that show them how to invest and get rich quick.

5) Out on the fields very few actually made any real money
as the costs associated with prospecting were never explained with the hyperbole. They found they had to register their claims and pay "stamp duty". The local suppliers "tradesman" who setup shop in the fields charged a small fortune for basic supplies "renovations".

6) When the gold petered out and the area was no longer 'hot' and capital gains "gold" were hard to come by they left and the area returned to it's previous value.

7) Most failed to capitalise on any wealth generated and fritted it away and eventually returned home to their boring day jobs.

Poor little sheep.