House prices to keep falling for years

pepperoni · 21 September 2008

I remember $100m houses in london BEFORE the boom.

And whilst we carry on about how different aus is to the UK, the bigger differences with london are:

- near unparalleled opportunities for fun at your doorstep or an hour flight away
- huge demand for weekenders etc from russian billionaires et etc
- every rich person from anywhere in the world almost having to own a house there
- the massive amount of money to be made there compared to here and the concentration of mega rich and famous.

On another topic, did anyone see the economics professor selling his house before the 40% fall hits! We should get him on this thread as our absurdly fanatical bear to counter our as-fanatical-as-osama property bull

MrBurns · 21 September 2008

On another topic, did anyone see the economics professor selling his house before the 40% fall hits!

I've seen it before in the early 90's and the economic scene now is far, far worse, he's right just wait and see

robots · 21 September 2008

hello,

perhaps mr keen can bring with him the ABS stats to support his claims,

this guy is the biggest chameleon around, he is like a guy rocking up in collingwood jumper but really barracks for carlton,

debtwatch, yet behind the scene's he is part of it all, sell out

thankyou
robots

MrBurns · 21 September 2008

I've never heard of him but he seems to have some track record -

http://www.abc.net.au/news/stories/2008/03/19/2194170.htm

CamKawa · 21 September 2008

MrBurns said:
I've never heard of him but he seems to have some track record -

http://www.abc.net.au/news/stories/2008/03/19/2194170.htm

This is his web site.

robots · 21 September 2008

hello,

man i need to get a blog,

10ys ago, people bought with debt

20yrs ago, people bought with debt

30yrs ago, people bought with debt

50 yrs ago, people bought with debt

all the best, have a great night

thankyou
robots

MrBurns · 21 September 2008

This is his web site.

I see so he's a professional devotee of everything that's wrong.

I can see through that and it becomes boring fairly quickly but there's no doubt things will get worse, the bailout will only slow it down a little and property will take a very large fall over the next 18 months, it's already started, properties not selling at Auction etc. It's a slow process no sudden dip like with shares.

pepperoni · 21 September 2008

MrBurns said:
I've never heard of him but he seems to have some track record -

http://www.abc.net.au/news/stories/2008/03/19/2194170.htm

Wow thats a great link ... he seems to have had it right way back in march!

Some really good reading in that ... looks like Ill need to read up on the great depression "new deal" ... seems we may see some features of it again soon.

MrBurns · 21 September 2008

Yeah I just read the rest of it , have a look at this from March ! ! !

ELEANOR HALL: Well, what options does he have?

STEVE KEEN: Well, I don't think the options he expects to work, will work. His academic papers imply that he thinks ... and this is almost a direct quote. If we do - all else fails - and we do get into a deflation, you can always rely upon the logic of the printing press to cause inflation once more, in other words, saying he believes that if you get into a serious crisis, what you do is you drastically increase the government-funded money supply, largely by buying some of this totally shonky debt that the private sector in America has put out in the last 10 years.

That was tried by Japan. Japan has been in a depression now for 15 years, so I don't believe the mechanism Ben Bernanke is going to rely upon will actually work.

pepperoni · 21 September 2008

Just read about the new deal ... sort of rebuilding from the bottom up (people) instead of top down (Banks).

Probably a better option than bailing out banks ... put the trillion dollars towards infrastructure and jobs and getting subprimers in a better position to pay the loans.

Yes banks failing will have a few trillion impact, but they will probably need many trillions to keep them afloat anyway.

Of course they will support the rich at the expense of the poor. Would love to see someone like obama propose more of a new deal ... they would be dead before that day ended though.

MrBurns · 21 September 2008

I think whatever they do this will be ugly.
There's no way out except to take the consequences and rebuild , the Fed cant make it all go away.
We live in interesting times.

Mooose · 22 September 2008

wayneL said:
Indeed.

I had an idea to rent around around there... but the cheapest was a ground floor 1 bedroom flat for £1025 per week.

Here's another one. This one's a cheapy at £8.75 mil, but shows the interior, very swank:

Very nice.

Mooose · 22 September 2008

It is good in small doses. Most poms don't even live here anymore. Too expensive **** weather etc. much prefer the Algarve. Nice climate friendly people great food, fantastic beaches great weather, did I mention the food and the weather mmmmmmmmmmmmm

On another topic, did anyone see the economics professor selling his house before the 40% fall hits! We should get him on this thread as our absurdly fanatical bear to counter our as-fanatical-as-osama property bull [/QUOTE]

gfresh · 22 September 2008

robots said:
man i need to get a blog,

10ys ago, people bought with debt

20yrs ago, people bought with debt

30yrs ago, people bought with debt

50 yrs ago, people bought with debt

all the best, have a great night

And yes, 78 years ago people loaded up with debt, because it was the most freely available in history. Then the economy crashed, they lost their house, lost their life savings as the banks fell over, lost their jobs, and were begging in the streets for food.

I'm sure your blog will be great reading with all your brilliantly thought out one liners

robots · 22 September 2008

gfresh said:
And yes, 78 years ago people loaded up with debt, because it was the most freely available in history. Then the economy crashed, they lost their house, lost their life savings as the banks fell over, lost their jobs, and were begging in the streets for food.

I'm sure your blog will be great reading with all your brilliantly thought out one liners

hello,

not my grandparents

would be far better than the sour grapes you get every where else bro,

go rent, its no big deal, if you dont want to own then dont, move on with the sour grapes its fairly evident people dont want to keep hearing this from you and others

thankyou
robots

Pommiegranite · 22 September 2008

robots said:
hello,

not my grandparents

would be far better than the sour grapes you get every where else bro,

go rent, its no big deal, if you dont want to own then dont, move on with the sour grapes its fairly evident people dont want to keep hearing this from you and others

thankyou
robots

Hey Robot, great to see you increasing your presence on this thread. If you can't beat them....join them eh?

robots · 22 September 2008

hello,

just helping the token multimillionaire out by getting the views up for his pet thread,

thankyou
robots

numbercruncher · 22 September 2008

Hows the RE boom going folks ? as good as your Super funds ?

I see realists like Prof Steve Keen are now getting picked up by the main stream press .....

Interesting times !! Been far to busy to keep up with this thread , any conclusions yet ?

Cheers ...

robots · 22 September 2008

hello,

good to hear from number, yeah the D&G brigade are out in force

i would prefer to see the bones brigade around though,

will all still enjoying a great life here in Australia and there are many where super is irrelevant

thankyou
robots

numbercruncher · 22 September 2008

Words of wisdom Robi -- good to hear -- Healthy happy and wise huh, anything else is a bonus !

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