My money made from property is now in the bank and some precious metals and some big resource stocks.
2 houses sold 18 months ago. The prices continued to rise for another 6+ months in my area and I thought I had made a mistake.
But now I am well in front. The cycle has turned and this time, for once, I almost got the timing 100% correct.
The wealth destruction is happening now. The economy is stuffed. ALP and Greens are destroying this country, foreigners are pulling their cash out whilst the AUD is still high. Property prices are falling across the board and will continue to do so for quite some time yet. The borrow 100% against existing equity at interest only so it can double in value every 7-10 years is OVER.
I can only see merit in owning your own home, and sitting tight, provided you're happy with the area and you like the house just don't worry about how much it's worth. If it goes down in value I might even get a discount on my rates!
