Agreed Scarva,
I dont know where the rest of you guys are posting from but, the boom in Melbourne is well and truly OVER.
No you cant live in BHP shares and as an owner occupier property may still look good. As for investing in 2nd 3rd properties etc that is another story.
If you purchased in Melb 12 to 18 months I'm sorry to say the odds are that you are now DOWN. Perhaps more than you think.
Family friends purchased in Toorak literally 3 months ago and paid $730 for a house that the owner paid $950 for 2 years ago.
The boom that saw 50% increases is no longer. It was all circumstancial and things have changed. The opportunity for those gains were only available at pre 2000 - 2001 levels when even a 2 bedroom appt at 300k could move to 450k and there were still buyers. There is not the market for that same 2 bedroom flat to deliver 50% on 450k. It will be a long time before those that paid the 450k will get 700k back.
Im sorry a long time IMHO.
Agreed Scarva,I dont know where the rest of you guys are posting...
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