Most people who report on where the property market is heading- including me, are not on the BRW Rich List for making their fortunes providing commentary or forecasting where property values will be, or whether it is overvalued, unaffordable or doomed to crash.
But people who know best and over extended periods of time (some decades) have amassed great wealth, obviously see and know something the number crunchers and doomsayers don't. My guess is that part of what they know is how to create markets or extract something from them, by providing it what it needs as well as wants. They clearly have to and do crunch the numbers but they also seem to understand the nature of human beings and the reality to - the need to have a roof over ones head, as well as meeting the desire to have places to commune, shop, dine, relax and so on. They have a grasp on fundamentals that cant be excluded from the collective psyche...
This is reflected in the fact that roughly 55% of the 200 richest Australian's in 2012 - amongst the Global turmoil, have created and sustained their wealth via property.
The extract below is form an article in today's BRW;
PUBLISHED : 24 May 2012 00:01:00 | Andrew Heathcote
The rise in the number of Rich 200 members to make most of their
money from property perhaps also points to volatility in equity markets.
Although the property market has had its own problems, it remains a
relatively safe way to mind money in a downturn.
TABLE: 2012 BRW RICH 200 LIST MEMBERS BY INDUSTRY
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