TC, hang on a minute mate. I have thursdee's Fin Review in front of me now, and you are definately a pot calling the kettle black. The rich snapping up property are snapping up multi-million (68 to 400) dollar commercial property, such as John van Lieshout who bought Centro Southport shopping centre for 68 mill and Lang Walker who has launched a 400 million buck industrial estate in Adelaide. That is hardly the stuff that this forum talks about to say the least!
Then when you wade into the rest of the article you find that the other rich people that they have interviewed say that it will take another 12 months to hit the bottom (again talking multi-mill commercial property).
It says that the Liberman's of Melbourne have been liquidating assets since 2006 at have sold 161 Collins st for 270 mill.
Another un-named wealthy Melbourne private investor said: "I don't think the bottom has been hit yet. I expect things will get worse in the first half of next year." He says there are a number of distressed sales on the market.
NOW for the little bit about residential property in the story, have you come this far TC, because I don't think that you went to far with the Fin Review story: "One sharemarket-listed company is believed to have offloaded a number of residential blocks in Melbourne's northern suburbs at fire sale prices to another local investor because it neeeded the money."
How about this one:"Property tycoon Lang Walker says there is a huge amount of property on the market but virtually nothing is selling".
come TC, if you did read this far, just which Thursdee's copy of the Fin Review were you talking about? One from a few years ago???????
