Records continue to fall faster than England wickets.Gonna be a long summer for this POM..Another record close in the US will propel us higher. Money is pouring into US mutual funds at the fastest pace in 13 years! Greed is taking over. No one wants to miss out. Here there is still some scepticism about the sharemarket as the volumes have been very weak considering .seems that housing is the place everyone wants to be..I know I am a broker but why wouldn't you borrow money to buy a liquid asset that you can hedge, sell easily and cheaply, gives you a great yield and capital appreciation and you don't have to worry about tenants and trashing the joint...its shares peeps.read more at (VIEW LINK)
Fear not - if it's unsustainable, it won't be sustained - and Aussie housing clearly fits the bill. I think we'll see a fairly significant correction (in real terms) over the next decade, although i think the market still has a ways to run, especially in NSW. Lower rates in 2014 will add impetus too. Crazy anecdote btw James - i live in Balmain and it's a similar story there
crazy stuff..FOMO is rife...I find it riddiculous and unfortunately for my kids they will never own a house in Sydney until I die!!
BTW - I like your end game for On The House, REA Group definitely would be looking for ways to consolidate/extend their position in the online real estate market.
A house nearby where I live in Redfern went for $720k on the weekend. One bedroom, a shower in the kitchen and toilet outside in the courtyard. Hasn't been touched in over 60 years and will need thousands spent on it (6 figure type stuff) to bring it to a reasonable level. Hard to believe...