Stupid aussies losing money on american property.

smh.domain.com.au...

Isnt this a classic case of what has got the world into the problems that they are in now? GREED, plain and simple greed. i cant help but laugh at my fellow countrymen who have made the stupid mistake of chasing the almighty dollar overseas and come up with a lemon. People over the last decade have chased the dream of investing a certain sum of money, and turning that into millions, and then when it doesnt happen, they whinge and scream they have been ripped off. SUCKED IN in say. I have always lived by the old saying of "if it seems to good to be true, then it is too good to be true". i have never lost money this way.

And just a personal message to my fellow australians on ATS, you have all read on here the truth of what is going on overseas and you may as well brace yourselves because the wave is about to hit here. There is a mighty big bubble in the australian housing market and the sound of it going "POP" will resonate right around the country.

This isnt some thing you should be laughing about, have you thought of the families who are out there stuck with nothing at the moment?

ON a better note though, the aussie dollar is soaring

I think most people have tuned out to the "housing bubble burst" doom because they have been saying that now for over a decade and yet it hasn't happened.
It really should've happened with the financial meltdown in 2008 but its still happily chugging along.
The reason I don't think it's going to happen anytime soon, is we still have more people than enough housing to house them. Of course that is by design with government slow to release land and therefore keeping the scarcity and demand going.

As for buying in America, I find that to be equally as risky as people who buy off the plan for projects that haven't even started, sometimes on the other side of the country. Where they can't see the progress for themselves.

Australians seem to be the most gullible when it comes to any kind of housing scheme.
And I agree, they are the first to whinge, whine and break down when it all goes belly up.
I think we have some of the most naive investors in the world.

Aussie stocks aint that good,yes the dollar soaring but it will be short lived.
Am with you deb,like vulchers they tried picking themselves a bargin to try the get rich quick thing.No sympathy,and yes laugh at them.

I don't know. I think I could buy a mighty big house in America with the money I'd get from selling my properties here. It's not something I'm planning to do, but when I hear that $500k buys you a big house with a pool... hmmm that's a 2 bedroom flat away from the city, here.

Yes it's too good to be true. I don't think I'd get much in California. It's probably a case of, the grass is always greener...

Well, there seems to be a shortage of 200k houses in OZ right now. So lets see how it goes.

Im worried for a few friends ive come to know over the many years that live in the flooded areas of Queensland. I do hope they're ok.

reply to post by punterdeb


I know of people still trying now to invest over there and i could argue with them till i was blue in the face and not get any where with them all say is you have been warned and leave it at that.

As for the housing price totally agree with you at least i bought my house years ago and will probably be even when it does happen. I will not go any where near the thought of buying another house till there is an adjustment in the housing market. When it happens is the real question though.

reply to post by punterdeb


Hey Debs, so we meet again .Have a read of this recent thread , post 4,5,6,7,8 and 9 .Number 8 in particular.
www.abovetopsecret.com... Started out as a Canadian thread , but Australians derailed it abit .Very relevant to this post .Don't know if you can cut or paste?

Ps still owe you a reply on the brown snake , will get to it when I can .

Originally posted by Mentalistbee
This isnt some thing you should be laughing about, have you thought of the families who are out there stuck with nothing at the moment?

ON a better note though, the aussie dollar is soaring

if its a family who are struggling to pay the mortgage or the rent due to the ever increasing price rises in australia, then yes i feel very very sorry for them.

if its a family where they listened to the idiots on t.v telling them over the last decade that now is the time to mortgage their own house to the hilt, buy investment properties and put renters in there and watch those suckers pay off the mortgage and make easy money then yes. i laugh at you.

really, there comes a time when people have some equity in their house. they either go one of two roads. they keep paying off their own debt and get to a stage where they can enjoy living. or they do what i have described up above because enough is never enough. With a couple of interest rate rises, suddenly the rent money isnt covering the mortgage. then they start whinging. they all run around with the "woe is me" attitude and i am sorry but i say SUCKED IN.

These same idiots have thought they would now pray on the misfortunes of the americans. because the prices here have become so high, they have turned their attention overseas. They are stupid enough to listen to some snake skin real estate sales person telling them they can now buy a house in america, that was worth $400,000 and that they can buy it now for $150,000. Turns out, its worth less than that, in the ghettos, and they have just pi##ed their money up against the wall. and again i say SUCKED IN.

reply to post by 13th Zodiac


ahaha, great minds think alike. i think i can put all those poster, yourself and myself in the same boat. its very frustrating when we are the 1 out of 10 people who can see what happening and whats coming. i feel so sorry for them. news isnt really news anymore on the t.v. They will happily report on the fact shane warne is trying to do liz hurley, yet wont even mention the fact the economy is collapsing all around us. you will not hear it reported that the australian government gave ONE HUNDRED AND NINTY.5 MILLION DOLLARS - to help developing countries adapt to climate change and develop a low carbon pathway, 35 million to pakistan to help their flood victims and just last week julia gillard gave over 60 million to indonesia for schools - yet she has just announced only 1 MILLION dollars to the victims of the current queensland floods. WTF.

reply to post by Mentalistbee

ON a better note though, the aussie dollar is soaring

?? That's a horrible, horrible, horrible thing to happen to your country.. it relies on exporting goods and tourism .. a strong aussie dollar will cause horrific damage to your economy..

I think the aussies that bought here in the states had no clue what they were doing or how to buy real estate as investment properties. There is a great opportunity right now here to buy fantastic properties a great prices. I would never buy properties in another country without living there for some time and understanding the local market. I have been investing in real estate here in the states since I was 18 years old. The best time to buy is when everyone else is scarred to. For me thats less competition. I have been able to buy properties between $.20 - $.50 cents on the dollar. If you don't educate yourself before investing in anything then the risk of losing your money greatly increases.

I looked into it hard core 12 months back and the Math just didn't add up, property taxes and being an unknown market I left it for the gamblers.

Originally posted by squandered
I don't know. I think I could buy a mighty big house in America with the money I'd get from selling my properties here. It's not something I'm planning to do, but when I hear that $500k buys you a big house with a pool... hmmm that's a 2 bedroom flat away from the city, here.

Yes it's too good to be true. I don't think I'd get much in California. It's probably a case of, the grass is always greener...

Sure,be my guest. Knock yourself out and buy a nice big in the U.S. where you'll be stuck with plunging property values,drastically reduced service such as fire,police and ambulance where you now get charged 'per visit' on the spot by all three,perpetually increasing taxes (on everything:sewer tax,water tax,property tax,etc...),and the spreading urban blight created by the homeless,jobless masses and broke local governments.

Look my Aussie friends,it's not just the housing market that's going to go 'Ker-plop',it's the whole country. My advice:stay clear of America.The American Dream (like that Moon Landing rubbish) was just a well-played hoax that has reached it's fatal end-game.Game..OVER...

reply to post by punterdeb


I saw the write up in yesterday's papers about that. There are still some good areas in the USA for property investment but you have to do your homework well. Personally, the only property I would buy outside of Australia would be smack across the road from Eden Park in Auckland so I can jump over the ditch and watch my belovered All Blacks!

You are correct re the bubble will burst in Australia....1-2 years max and it will happen. Housing in Australia's metro cities are already 35-45% above their true value.

Originally posted by Rockpuck
reply to post by Mentalistbee

 

ON a better note though, the aussie dollar is soaring

?? That's a horrible, horrible, horrible thing to happen to your country.. it relies on exporting goods and tourism .. a strong aussie dollar will cause horrific damage to your economy..

That's quite true, but I don't think the Aussie $ will remain that high for too long. I suppose it depends on what's happening with the USD.

Meanwhile I might as well take advantage by purchasing goods from the US, though I'm not interested in investing in property or anything like that.

When the housing bubble bursts here, I'll be taking advantage of that. BIG TIME!!

reply to post by yizzel


I think alot of Aussies are holding out for the bubble to burst, it was already predicted to happen in 2009/2010 but I think 2012/2013. Even if one does'nt have the deposit, it would not be stupid for a family with adult kids or 2 families buy in to one property.

All this crap about the AUD being strong, is it that the AUD is strong, or is it really a case of the greenback being terminally ill?

reply to post by tramman2000


It's because Australia always had a stronger economy.

Australia is the world's largest single producer of industrial diamonds, world's largest known uranium & bauxite resource, nickel, tungsten, rutile, zircon; Australia is 5th largest in black coal, zinc, copper & silver; and is 4th largest in Aluminium. And the list goes on.

Although for a nation of 22M, we do have too many politicians per capita however we DO make them answerable and at election time and inbetween. If they play up too much we demand their resignation and we do get it.

Stupid aussies losing money on american property

Aussies are stupid ???????????? !!!!!!!!!!!!!!!!!!!!!!


Not in my oppinion. Not at all.

This kinda thread tittling just makes for definition of: BAD THREAD TITTLING