Spider, I'm in my early seventies and even I can't remember horses delivering milk. You must be pushing 80 or more. One of the biggest expenses faced by the big retailers is the land they occupy. Whether they own it or rent it the cost has been inflated out of all proportion in the last 30-40 years. I keep icons on my screen referring to "Register of Members Interests" and "Register of Senators Interests". I note that Albo has sold 1 house and 1 unit in the last year. When you consider it is Gov. policies that help inflate RE prices then it could be that the top dog thinks the prices have gone too far.
Channel 9 had an article that showed buyers paid about 10% of the buying price of a property in fees in Qld. inc. stamp duties, agents fees, lawyers, and various council fees depending on where you live. Thank goodness I can trade shares for 0.4% brokerage (or less - if I was smart enough). For years I have considered trading in RE is a mugs game. When prices rise 4% or less per year you are highly likely to lose if "flipping" is what you do.
WES Price at posting:
$64.20 Sentiment: Buy Disclosure: Held
(20min delay)