This week’s 60 Minutes program was low-grade journalism
It looked more like a thinly-veiled advertorial for a previously unheard-of (at least to me) American commentator, predicting the imminent crash of the Australian property market.
The examples shown, from a mining town in Queensland seemed particularly extreme (though not for mining towns, which are well-known to have wild gyrations in property prices, as the community’s primary employer’s local operation is mothballed, then later recommissioned etc.).
Remarkable greed, stratospheric levels of debt and a ‘blame the bank’ slant, steadily eroded the program’s credibility as the story unfolded.
No dissenting opinions were included.
Back in the day, this kind of sensationalized non-event might have made it into the supermarket checkout tabloids.
So 2 rather naïve couples, saw what looked like a chance to ‘get rich,’ took it, probably without advice, except from a real estate agent, and got themselves into serious financial difficulty.
Advice from an accountant, financial planner, investment adviser, or even a buyers agent, might have highlighted the hazards, or at least given them second thoughts.
Be very careful about who you take advice from when it comes to property investment. Well, actually, any type of investment at all. The media is heavily controlled and is by no means qualified to give any investment advice. Take advice from an experienced professional in the relevant industry who doesn’t benefit from you going one way or another.
As far as property investment, be very carfeul taking advice from an agent selling a property. They have everything to gain from you buying it and nothing to lose. A buyers agent, with a non-biased fee structure, and a dedication to find the right property to suit your needs and future goals, will have your best interest at heart.