As a parent I am guilty of wanting my kids (they are 24 and 26) to get into the property market because it has served me so well in the past. But I have to ask myself now, "do I really want my kids to borrow so much money to buy a home and try to live with such a huge mill-stone around their necks". The answer, as at today, is "no".
I feel for the bloke who is "in the crap", he probably bought his place when his job looked secure, when the economy was steaming ahead and things all looked good for the future. It's a shame it's all come tumbling down and I hope he gets through it. I've come to expect NO compassion from "property investors" so no surprises there, but this bloke was just trying to buy a home for his family (presumably) and I doubt he was looking at the "capital growth potential" and all that jazz. Anyway, I hope it works out for him.
Back to the issue; my feelings at the moment are that my kids hold off getting into the property (home ownership) market until things settle down a bit. What things? Things like the uncertainty surrounding the current government, interest rates (held again), carbon tax legislation and I guess the general lack of confidence that seems to be everywhere. Chin up!
