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Mining town experiences property crash (Read 13154 times)
Sir lastnail
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Mining town experiences property crash
Oct 15th, 2014 at 11:03pm
 
Who says property can't crash in Australia Wink

On the 7.30 report tonight.

Quote:
DAVID LEWIS: But the good times were never going to last. Since 2012, prices for both metallurgical, or coking, coal used for steel production, and thermal coal, used for electricity, have plummeted. Moranbah's economy has also crashed. Real estate agent Bella Exposito says tenants were paying up to $1,800 per week for basic rental homes just a few years ago. Today, it's a very different story.

BELLA EXPOSITO, REAL ESTATE AGENT: Prices has changed dramatically. This property alone was $2,000 a week; it is now $300 a week rent.

DAVID LEWIS: That's an extraordinary drop, isn't it?

BELLA EXPOSITO: It is. And investors doesn't really like it. As you know, they probably purchased $800,000. It is now worth $220,000.

DAVID LEWIS: Today, the once-bustling town square is deserted.


http://www.abc.net.au/7.30/content/2014/s4107903.htm



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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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John Smith
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Re: Mining town experiences property crash
Reply #1 - Oct 15th, 2014 at 11:29pm
 
It always happens in mining towns ... mine opens, property value goes up tenfold ... mining slows down, so do the property prices ...

you're a genius nail   Cheesy Cheesy
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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gone
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Re: Mining town experiences property crash
Reply #2 - Oct 16th, 2014 at 12:09am
 
Sir lastnail wrote on Oct 15th, 2014 at 11:03pm:
Who says property can't crash in Australia Wink

On the 7.30 report tonight.

Quote:
DAVID LEWIS: But the good times were never going to last. Since 2012, prices for both metallurgical, or coking, coal used for steel production, and thermal coal, used for electricity, have plummeted. Moranbah's economy has also crashed. Real estate agent Bella Exposito says tenants were paying up to $1,800 per week for basic rental homes just a few years ago. Today, it's a very different story.

BELLA EXPOSITO, REAL ESTATE AGENT: Prices has changed dramatically. This property alone was $2,000 a week; it is now $300 a week rent.

DAVID LEWIS: That's an extraordinary drop, isn't it?

BELLA EXPOSITO: It is. And investors doesn't really like it. As you know, they probably purchased $800,000. It is now worth $220,000.

DAVID LEWIS: Today, the once-bustling town square is deserted.


http://www.abc.net.au/7.30/content/2014/s4107903.htm






Serves them right, them greedy investors.  Cheesy Cheesy Cheesy Cheers!!!
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Ex Dame Pansi
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Re: Mining town experiences property crash
Reply #3 - Oct 16th, 2014 at 6:23am
 

Those investors got a biiiiiig shock, they said it would never happen. There's no such thing as never where mining and real estate bubbles are concerned.

Watch the investors cry on 7:30 tonight. I can't feel sorry for them, they ruined too many lives in those small mining towns.......Karma.

There's a huge global depression looming, when that hits us with all its force, house prices and rents will crash as a natural consequence.
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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cods
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Re: Mining town experiences property crash
Reply #4 - Oct 16th, 2014 at 6:43am
 
wow that NEWS  must make the depressing rusty really happy.
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cods
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Re: Mining town experiences property crash
Reply #5 - Oct 16th, 2014 at 6:45am
 
Ex Dame Pansi wrote on Oct 16th, 2014 at 6:23am:
Those investors got a biiiiiig shock, they said it would never happen. There's no such thing as never where mining and real estate bubbles are concerned.

Watch the investors cry on 7:30 tonight. I can't feel sorry for them, they ruined too many lives in those small mining towns.......Karma.

There's a huge global depression looming, when that hits us with all its force, house prices and rents will crash as a natural consequence.

Smiley Smiley


I guess you HAPPY PEOPLE dont have any money invested in superfunds.
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Sir lastnail
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Re: Mining town experiences property crash
Reply #6 - Oct 16th, 2014 at 9:42am
 
John Smith wrote on Oct 15th, 2014 at 11:29pm:
It always happens in mining towns ... mine opens, property value goes up tenfold ... mining slows down, so do the property prices ...

you're a genius nail   Cheesy Cheesy


yeh but you are missing the point. There were people like you who said that it was never going to slow down Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Sir lastnail
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Re: Mining town experiences property crash
Reply #7 - Oct 16th, 2014 at 9:46am
 
cods wrote on Oct 16th, 2014 at 6:43am:
wow that NEWS  must make the depressing rusty really happy.


I'll be glad when the bubble bursts. We will be able to get back to rebuilding the economy one brick at a time Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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John Smith
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Re: Mining town experiences property crash
Reply #8 - Oct 16th, 2014 at 10:31am
 
Sir lastnail wrote on Oct 16th, 2014 at 9:42am:
John Smith wrote on Oct 15th, 2014 at 11:29pm:
It always happens in mining towns ... mine opens, property value goes up tenfold ... mining slows down, so do the property prices ...

you're a genius nail   Cheesy Cheesy


yeh but you are missing the point. There were people like you who said that it was never going to slow down Wink


no, you're missing the point. This is a property adjustment, not a bubble burst. No one has ever said that property doesn't adjust. I've, in fact, told you on several occassions that while we may see adjustments, your 'bubble burst' is not going to happen.
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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ian
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Re: Mining town experiences property crash
Reply #9 - Oct 16th, 2014 at 10:39am
 
Sir lastnail wrote on Oct 16th, 2014 at 9:42am:
John Smith wrote on Oct 15th, 2014 at 11:29pm:
It always happens in mining towns ... mine opens, property value goes up tenfold ... mining slows down, so do the property prices ...

you're a genius nail   Cheesy Cheesy


yeh but you are missing the point. There were people like you who said that it was never going to slow down Wink
who said that? Show 1 person.
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John Smith
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Re: Mining town experiences property crash
Reply #10 - Oct 16th, 2014 at 10:40am
 
ian wrote on Oct 16th, 2014 at 10:39am:
Sir lastnail wrote on Oct 16th, 2014 at 9:42am:
John Smith wrote on Oct 15th, 2014 at 11:29pm:
It always happens in mining towns ... mine opens, property value goes up tenfold ... mining slows down, so do the property prices ...

you're a genius nail   Cheesy Cheesy


yeh but you are missing the point. There were people like you who said that it was never going to slow down Wink
who said that? Show 1 person.


bobby Cheesy Cheesy Cheesy
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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ian
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Re: Mining town experiences property crash
Reply #11 - Oct 16th, 2014 at 10:41am
 
Sir lastnail wrote on Oct 16th, 2014 at 9:46am:
cods wrote on Oct 16th, 2014 at 6:43am:
wow that NEWS  must make the depressing rusty really happy.


I'll be glad when the bubble bursts. We will be able to get back to rebuilding the economy one brick at a time Wink

What happens when your bubble bursts?
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John Smith
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Re: Mining town experiences property crash
Reply #12 - Oct 16th, 2014 at 10:42am
 
ian wrote on Oct 16th, 2014 at 10:41am:
Sir lastnail wrote on Oct 16th, 2014 at 9:46am:
cods wrote on Oct 16th, 2014 at 6:43am:
wow that NEWS  must make the depressing rusty really happy.


I'll be glad when the bubble bursts. We will be able to get back to rebuilding the economy one brick at a time Wink

What happens when your bubble bursts?


he'll still be waiting for the bubble to burst Cheesy Cheesy
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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ian
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Re: Mining town experiences property crash
Reply #13 - Oct 16th, 2014 at 10:43am
 
Ex Dame Pansi wrote on Oct 16th, 2014 at 6:23am:


There's a huge global depression looming, when that hits us with all its force, house prices and rents will crash as a natural consequence.
thank you Nostradamus. Dont you live in some 3rd world sh!thole? What do you think will happen to you if your dollar is suddenlly worth nothing?
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Sir lastnail
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Re: Mining town experiences property crash
Reply #14 - Oct 16th, 2014 at 11:08am
 
ian wrote on Oct 16th, 2014 at 10:41am:
Sir lastnail wrote on Oct 16th, 2014 at 9:46am:
cods wrote on Oct 16th, 2014 at 6:43am:
wow that NEWS  must make the depressing rusty really happy.


I'll be glad when the bubble bursts. We will be able to get back to rebuilding the economy one brick at a time Wink

What happens when your bubble bursts?


Reality sets in and growth in debt invested in non productive assets does not create wealth !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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