I can't disagree with that – which is why I am sure that socially, even more than financially, the property market in Australia has to correct in the order of 30%. Greed is killing this country and oddly I have never cared as much about it (never was very patriotic) until I could see it dying.

You mean Gen X stealing from Gen Y or Boomers stealing from X & Y?

In Australia, I only see the Boomers (and some of the very old X's) doing the investing. Sure, there are some younger X's and Y's without kids that have jumped in as investors in the last couple of years but surely they are going to be burnt badly as they all seem well over leveraged. The Boomers are the only ones who had ownership behind them to make safe investments.

And no, ultimately I don't feel like I can live with the old farts stealing from future generations (they never had any hard times, how soon they forgot the lessons taught to them by thier parents, eh?) but what can I do about it? it's not like I can get Australia to adopt Logan's Run type policy is it?

The public sector wants them out (over 55s that is) but they won't leave because of thier 'investment plans'. Won't even take good VRs, because they haven't quite secured that 10th property yet. Greedy old buggars.

Sorry, massive rant there, but as you can probably tell, i am aware where most of the greed is generated. But what is the point? Why would the banks open investments with such limited futures (in lifespan that is). Most Boomers will be either dead or dribbling through dentures in nursing homes within 20 years so what does thier debt accomplish?

They'll hand property onto kids that don't respect them or it because they were never there, or are on thier 4th marriage and can't remember which one's are theirs. They will be cruely treated in thier dotage by nurses and cops that they have forced to live like shit on the outer fringes. In the end, what will they gain, for anyone?

What confuses me most about you Scamp is why all the effort to warn people? When markets peak like they are now, it is usually only the mid level investors who are stupid enough to keep buying. The FHBs have been squeezed out and the new investors are stretched to their limit. That only leaves the Boomers competing with each other in a dying market, for rents they will never be able to achieve. Why warn them? Why not let them compete each other into bankruptcy and then come in and pick up what you want when the dust has settled?

Unfortunately, because of the poulation bulge that exists around the Boomers 'Taxes will go up , pensions will go down, pension age will go up from 65 ( or whatever it is in Australia ) to 70' regardless of property prices. There are heaps of them aged 50-65 over here at the moment, way too many and no-one can do anything about it…

Of course, a crash in the property market will help the Gen X & Y workers all become home owners but it won't solve the 'aged population' thing. Check it out:

http://www.abs.gov.au/AUSSTATS/[email protected]/Latestproducts/3235.0Main%20Features32006?opendocument&tabname=Summary&prodno=3235.0&issue=2006&num=&view=

Actually both taxes and pensions are going up Scamp. And I wouldn't bother with burglar alarms, nobody takes any notice of them in Australia. In fact you'll probably end up assaulted by your own neighbors if your alarm wakes them up in the middle of the night too many times.

Tax review to consider boost for pensioners

http://www.theage.com.au/national/tax-review-to-consider-boost-for-pensioners-20080807-3rsv.html

High house prices has little to do with crime rates, most people would be too tired after working long hours to go out and commit crimes. The biggest factor in the increase in crime rate is boredom. Look at all the larger cities in NSW where house prices are much lower the Sydney but crime rate much higher. Soaring crime rates and binge drinking caused by ….. Gen Y of course. Not FHBs worried of losing their home, not struggling investors but lazy no good schoolies getting wasted and smashing everything in site.

http://www.abc.net.au/news/stories/2008/03/11/2185836.htm

http://www.abc.net.au/7.30/content/2007/s2185412.htm

Any small coastal town with no high schools and mostly older population is a nice place to live. What do you care about unemployment ?If you can pay cash for your place then the dole money will cover daily expenses and you can spend your days at the beach. For extra cash you can always go fruit picking with the backpackers a couple of months a year .

Scamp, if Aus is so bad (as you keep describing to us) then why are you coming out here?

Why don't you simply stay where you are in your wonderful country – whatever it is.

It can't be too bad if you've done so well that you can come pout here and pay cash for one of our exhorbitantly priced houses.

Now that's passion! The men and women who defended this great country of ours during the world wars would be turning in their graves if they could see what we have created for our children, dog eat dog, foot on head bunch of who gives a fuck about anyone but me people.

Its every Aussies given right to have a roof over their heads, not some profiteering cockroach's determining the market, banks, property developers and share holders. Its all about the profit right? Fucking scum.

Unless the recession is sever enough and the country can't afford immigration.

I still don't understand why the banks would create so much debt with people who have an average of 15 years life left?

Just say property does go down in the order of 30% and overleveraged Boomers can't pay the bank back before they die, what are the banks going to do?

Scamp, have you ever considered that IMMI may not let you settle in Australia? After all, it appears from your multitude of postings that the world is ending, and we certainly won't need IT boffins (or dooms-dayers with sandwich boards preaching that the end is nigh on the main street) when we are sustaining ourselves on bread and water. (Although, be sure to let us know when you do move here, I'm sure it'll make for a fantastic episode of Border Patrol when you challenge the customs officer's view on your luggage)
I would really like to see someone go toe to toe with Scamp, surely there must be someone who has a brighter view going forward, someone who has actually walked down an Australian street looking at property potential? Downturn – yes, disaster – no.
Does make me wonder if this a wondrous scheme to panic as many investors, and drive down prices before Scamp starts investing…

The difference is that you are allowed to walk away from your loans in the USA, you are only allowed to walk away in Australia once you are legally declared bankrupt. If too many people are being declared bankrupt here, i am sure the govt. will move the goalposts, so that the debt will stand. I guess, in the long run, as in the US, the banks will end up with the debt. If this happens, it makes me believe that high interest rates will be here for a while yet. Layman's view, I know, but I can't see any other choice for the banks.

Scamp wrote:

I can't get dole until I spent 2 years in Australia at least

Bugger, then make that 6 months fruit picking for someone who includes accommodation.