Housing the bubble that no one dares burst

The Age’s Tom Ormonde today wrote an article about the housing bubble that on one dares burst.

THE phrase ”safe as houses” was always ridiculous, and not just because it’s a cliche. Bricks, mortar and gaudy imitation period features can be a good investment, but frequently aren’t, particularly when procured near the top of a boom.

Ask anyone who bought an apartment in Tokyo during Japan’s real estate and sharemarket bubble of the late 1980s. Prices there still haven’t recovered.

In Britain and the US, anyone who bought a house in late 2006 is likely to be regretting it now, if not living in a tent or caravan. Had they waited, they could have got in for up to 30 per cent less.

Article continues here.

» Housing the bubble that no one dares burst – The Age, 14th November 2009