renth

That's it, I'm joining a gun club

renth

Cool, I've always wanted a little weekend retreat, looks like I might finally be able to afford one.

brendarover

Thats it, you got me p!ssing myself with laughter!

ozzieeagle

I'm sitting here wondering if these events are going to signify the biggest change and impact I've had in my 5 decades of life so far.

brendarover

http://news.sky.com/skynews/picture_...309646,00.html

I am approaching my fifth decade, too f@cking quick, nearly there, but looking at the link above, its f@cking depressing here in the UK, the fronts of the national wails!

Where i am from - http://iccoventry.icnetwork.co.uk/01...name_page.html

BadgeIsBack

I worry that stagflation won't even cause interest rates to come down and that cost of borrowing will still be prohibitive.

jellibaby

Aussie economy is more closely pegged to Asia / China / Japan than US / UK. Bring it on ~ who cares ~ got no mortgage, got no credit cards and there'll always be somebody willing to flog cheap veggies. As for the USA / UK ~ GREED comes to mind ~ maybe all those fat cats sitting on a dozen rental properties might wake up and realise the boom is over ~ maybe not. Enjoy the sun, your family, kids, the life you have and not the life you think you need.

renth

Word.

ozzieeagle

Just talking to my ole man about this.... He remembers the tail end of the 1929 recession... probably just on heresay from his siblings... Anyway he reckons you can track history via song.

1929 = Buddy can you spare a dime
1931 = Happy days are here again
1933 = we're in the money.

History and economic downturns follow specific patterns generally, so if those people with those houses can hang on... boy are they going to be wealthy. I hope no one gets hurt.

Budawang

Some guy on Lateline Business is predicting that the price of holiday homes in places like the NSW Central Coast and Mornington Peninsula could easily fall by 50%. This wouldn't surprise me at all. We sometimes rent houses on the coast that are worth $700K for just $700 per week. The house prices in those areas are completely out of whack.

Personally, I can't wait. I don't have any debt and have always fancied a nice beach house

Budawang

So long as commodity prices are high, Australia will be laughing all the way to the bank. However, at some stage they will fall and this will trigger job losses here. I think we've got maybe 2-3 years of economic sunshine left. Once job losses start, our over-inflated property prices could easily fall 20-30% very quickly. Government should be doing everything it can to put a lid on property prices now, so the fall is less severe further down the track. Tax reform to encourage savings is crucial. This will add home grown liquidity to our capital markets, easy inflationary pressure and reduce our current account deficit.

marcpiano

Come join Lone Rangers in Belmont - ok it aint' the best but good to let off a few rounds every now and then.

"Makes mental note to fire of a few rounds on a .44 before he leaves"

Budawang

Are you sure you guys haven't got lost? Go up one level and click on "USA".

marcpiano

No no, we've got Rednecks in Perth too y'know!

jad n rich

My parents and grandparents and older brother all had property during one or more recessions, my parents and grandparents stayed put, through every up and down and ended up with houses worth hundreds of X what they bought them for.

My brother sold and made a loss, this was in UK, must have been in the 90's, by the time he was confident enough that the market was OK again he ended up paying more than he sold for to get back in, add buying and selling costs he would have made far more staying put. Had no reason for selling except panic.

Selling in SE qld might be difficult anyway seriously there is nowhere to rent, zippo, whats available gets 30+ applications, theres already people living in tents and caravans and motels as they cant find a rental

But theres so much media panic, in real life dont know anybody who has any intention to sell and live in a tent cause their mortage has gone up, should do a poll.