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bubbly personality
I reckon now is NOT the time to buy. Bubbles induce people to buy because they think the prices will just go up and up and they will never be able to afford to get in to the market. In the short term this will push the prices up, but it is not sustainable in the long term, which leads to the inevitable collapse. Governments of late have sought to prop up the bubbles, as it is politically unwise to let it pop(too many people bankrupted and not very happy), but there is a limit to how long this can keep going. Interest rates are going to continue to rise, so prices SHOULD be easing. Australian real estate prices are quite obscene considering our population and areas of cities.
THE BUBBLE MUST BURST sometime, and then, when everyone else is bailing out, you( and sleazebags like me) can pick up the pieces of the broken dreams to build up our real estate portfolios.
At some stage, the money in the bank will be a very useful thing indeed.
For all those other IIS members-knock off your debts so that when the crunch comes, you will not lose everything.The problem will lie in what is likely to be a flood of properties on the market when too many people are squeezed to the limit.
Nesti has pointed out some very important points, which do point to a hold out situation.
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