I read it OC. I understand the mechanics of the arguement completely, it's the pretense I disagree with. Australia has different issues which have us pending on a knife edge. The assumption from John is that Australia is 'more safer' which taken at face value would indicate that our markets are immune whilst the US is in deep crap. The catalyst for issues might be different, but dear old 'Aussie John' is luring the unwary into a false sense of security regarding the nature of our markets. Hence I have a cynical attitude concerning anything the industry protagonists have to say in regards to the bottom line they earn a living off. Bias opinion is bias and all that. I absolutely question the honesty of this bloke and don't for a second assume his moral demeanour in regards to this subject matter extends to anything beyond extending industry propaganda. He's essentially trying to placate a worried borrower with an assumption our markets are 'more safer' which is utter crap. The Australian housing market is one of the most over extended and highest price in the entire world and dear old Aussie John was front and center in the process. In the specific context of comparison between the mechanics of the lending markets between Australia and the US I agree with what you're saying - it's different. It's his mock sincerity regarding the stability and safety of our local markets that has me mocking his intention OC, not you. I have a very deep mistrust of these market gurus who want you bathe in debt without fear. For anyone in this country up to their eyeballs in debt assuming they're going to double down in the next 7-10 and we're immune to outside forces is not only naive, it's also very dangerous. There's a LOT of very stupid money out there at the moment hanging off every reassuring word blokes like 'Aussie John' have to tell them. The specific market/lending mechanics might be different mate, but the end result will not be. It'll all end in tears.
Well not surprising that i disagree with you again aus .Some people that know what they are doing will do quite well on borrowed money & benefit greatly ..Others that have no idea on how to handle debt & their own finances will crash & burn . It will end in tears for the financially inept but will put others in a superior position they were not in prior to getting a loan .Your views are far too general in nature & not taking into account that some people know how to mange debt to their advantage. If you can name any millionares or billionares that never had debt i would be surprised .Debt is debt it doesnt matter if its real estate related or not Debt is a tool & like any tool is dangerous in the wrong hands
Being a wealthy man in a society that is full of anarchy and despair and in a depression isn't "doing quite well" though, it just means that you will suffer a bit less if you are lucky. Unless you live in an isolated fortress you will still share the pain of those around you sad to say. Lets hope that you never have to find out.
Jonesy im not a doomsday believer. In the US things have dropped in value substantially & still theres no anarchy & tshf hasnt happened & im not seeing it get any worse than the US is now . We all have different opinions on what will happen & my opinion is "im not worried ". You say "it means that you will suffer a bit less " Isnt that the position you want to be placing yourself ? Hopefully if it ever happens & im not convinced it will i will be able to help others instead of being one of the beggars. Putting your life on hold because you are afraid of debt & what "might happen" is a waste of time
I think its interesting what "Aussie John" didn't say. He said Australia is "safer". He didn't say Australia was "safe". There's a pretty big difference there so I agree with both Auspm's comments and renovator's as well.
he actually said it's 'more safer' which is more than i can say for the english language when he's around.
^ Real estate market lower than before, prices are dropping down, people expect even further decline. Tho recent survey show growing interest in buying RE, due to lower prices , but .. but folks that are genuine about it (purchase of their first house, mostly young couples) still expect lower prices ... you get the point. Some jobs are created, mostly in sectors related to: Hotel and Catering, Accounting and Finance and IT. While the first sector (Tourism etc) is what Ireland is mostly based on, other two (Finance and IT) are up and running mostly due to low corporate rates that give us hedge over continent; they are the sole reason for companies like: Google, to stay here and not move somewhere else, what for example DELL did (moved production to Central / Eastern Europe) So, our manufacturing base is down even further, as there are no Irish companies that are manufacturing anything of any importance, and whomever was here is running away, to cheaper places. Public sector "workers", more like parasites, crying over their low wages, even tho on average those are 25%-50% HIGHER than the rest of us. Prime Minister (taoiseach) love his buddies, probably thats why he pumped their wages by 20k - 30k per annum, the best thing is: constitution prevent him from doing so, as the cap is somewhere around 120k per annum; how did he did it, no clue. Little shops in which you can "sell you scrap/unusued/unloved gold for cash" are appearing like mushrooms after rain. Local shopping center has 3 new ones around it, plus jewelers that are eager to relief you of your unwanted gold. Prices of petrol going up. Food prices up, even tho rising <- thats the key word, rising, inflation is evident in most parts of our "economy" government is still mostly worried about housing prices, that (along private sector wages) are the only thing that is not going up in price. Exodus from Ireland to: UK, US, OZ is clearly visible. What else should I say, other than: great immigration part2 has just begun? I could write more, but whats the point? None. We are going down, and we are doing so being completely broke. These days taoiseach has to send our BUDGET to germany and ask them is it ok, then and only then (when its ok according to germans) we can move onward with the budget for new fiscal year. Great isnt? Our new german/burssel/imf overlords.
Well, here in Lightning Ridge, NSW, Australia, Western Lands Lease Residential Claims are dropping slowly. A few years back you were hard pressed to find any camp for under $15,000 AUD in town (with one hole in ground). Now, you can find a few for under $10,000 in town.
I can see the emigration from my end. I work in an Australian manufacturing company that has a lot of mechanical and electrical engineers. There are so many Irish here now. And what this world needs is for everyone to simply stand up and reject this stupid banker ruled system like Iceland did. The Irish people have always been fighters, so why doesn't Ireland grow some gonads and simply say "enough is enough take your BS paper and **** off from our land". Someone has to start the ball rolling. One question: how hard is it to get a home loan in Ireland these days compared to times past?
