property - very scary stuff!, page-14

Bought my first house in 1975 in the BIG drop due to high oil prices. Mortgage rates were 11% if you could get a loan which was difficult. Great bargains in Sydney then, paid $19000 for house in Drummoyne with river views. However the crunch this time will not be so bad unless oil doubles again. Oil prices in the early '70 were rising rapidly and no plans had been made for it. This time around there is more preparation, so we will probably see a long period of stagnation of prices rather than a big drop. Anyone who has over extended themselves will deserve little sympathy because of their greed. Many young couples buy new houses rather than old, bigger than they need, filled up with the latest furniture, and a new car in the driveway.