Driving on a different road this morning I was amazed by the number of For Sale signs up everywhere, and despite their number I thnk this is only the beginning! Tightly held properties are being shaken loose as owners try and test the market. One notable one I saw on the weekend was the site for Bunnings on Compton rd. A 2 Ha property with long term tennants for sale and there was more along the road. It's just the beginning before the panic. People are trying to rescue any equity they believed was underpinning their illusory wealth. When that wealh depends on new buyers jumping over each other to buy, it's a real problem when buyers dry up. We are living through history people. Your grandkids will ask you about this. I'm going to start chronicling the events with photos. It already looks bad as people wake up, but its going to get really ugly. Brace yourselves.
Felt like I've almost put my head on the chopping board few months ago as I was so close to buying an investment property. I am feeling so relief that I didn't go ahead
Funny you say this. Was thinking about this exactly as I was pottering around the house on the weekend. Found out that we're gonna have our first baby in January, so we're starting our own little family tree. Anyway, was thinking how our grandkids might look back at this current time, saying to me "Silver for only $35/oz? Why the heck didn't you buy up every piece of silver you could see?" etc. "Yeah, but it was different back then ... $35/oz was 'expensive', we had a mortgage to pay off"
When I was about 12 (1951) I think, I asked my mother, "what was it like in the Great Depression". Her reply, " I did not even know there WAS a Great Depression". Her father was very well off. OC
Don't worry, Wayne Swan says everything is fine this morning. We have a resources boom, the rest of the economy is simply an irrelevant detail to the government. Went down to Bowral on the weekend, empty shops all over, three in a row in one spot with for rent signs in the windows.
All ords down 1.7% this morning so far to 4093, dispite the talking heads on the news saying it will be steady trading. Gold and Silver rising. . .
Trying to get out ..... time will tell if there's enough suckers, ahem, sorry, INVESTORS left out there to let them escape.
Yeah - definately Dutch disease. Its the same in areas of Perth. Those who have fiat are using it to clear debt and its simply not moving thrught the economy. Shops that had three sales people now have one and that one is trying to look busy.
Yep the investors will be the first ones out. The smart investors have 'made their money' and are already out. The crowd follower investors are now starting to get out, this is the trickle you are seeing now. The torrent will then start when the mum & dad so-called investors start to panic and all try to offload their little 'investment property' all at once followed by the other great enablers of this bubble the first home buyers who will stay in there the longest, believing that 'houses always go up' and live in negative equity for years before finally realising they have been duped.
When I was reading Intelligencer's opening comment I was thinking it would make a great topic for a historical book a great little side earner for retirement.... I was imagining the pictures in sepia like the old photos from the great depression.... thoughts of a co-author offering were entering my mind when I came to the realisation that there may be no books in 20 years time...or Aussies with the literacy to read them!
Honestly, the Australian government does not understand that the leg bone is connected to the hip bone. Overseas events wont bother us too much, we have CHINA!!!! and besides, its different here. Bloody twat. On an unrelated note, maybe we could start a thread for signs of the times. My thoughts were - - http://forums.silverstackers.com/message-177622.html#p177622
Dow down 5.5% overnight to 10809 !! I wonder where All Ords is going today? Below 4000 for sure, but I wonder how low it will go?
Well before 11:30am the All Ords was down over 200 points, and then totally recovered by around 2:30pm. That's a 400 point intraday movement! The AUD dropped below parity with the USD but has mostly reclaimed that now. Hmmmmmm. . . .
What do you call a downturn? When your neighbours lose their job. What do you call a recession? When you lose your job. What do you call a recovery? When Gillard loses her job
