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Sell everything when a taxi driver starts talking about investing

Discussion in 'Property Market Economics' started by Tillie, 5th Jul, 2015.

  1. Tillie

    Tillie Well-Known Member

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    I do not remember whose quote that is, but there is truth in it. Do you personally feel that the market is going in overdrive and it is time to sell?

    At least in Melbourne there has been a lot of articles on the paper and Internet about property investing, FOMO effect, price increases etc.

    Are we approaching the point that it is time to sell when everyone else is buying?
     
  2. Redwing

    Redwing Well-Known Member

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    Sell or refinance?
     
  3. datto

    datto Well-Known Member

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    I think the saying now goes " sell everything when a Uber driver starts talking about investing lol"
     
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Or when an Air BnB owner tells you to buy.
     
  5. Natedog

    Natedog Well-Known Member

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    Markets within markets within markets....some will say sell some will say buy, Melbourne has such a broad range of property choices available at varying price points....it can't all be painted with the same brush.
     
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  6. Joshwaaaa

    Joshwaaaa Well-Known Member

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    Nah, just dont buy the same stock they are buying
     
  7. HUGH72

    HUGH72 Well-Known Member

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    Most cabbies are too busy complaining about how bad business is to talk about much else other than world politics and cyclists
     
  8. Be Developer

    Be Developer Property Developer Business Member

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    Do what taxi driver does... Care about your own business/investment.

    Trust your due diligence, act on that!
     
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  9. hidflect

    hidflect New Member

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    It's probably based on this story:

    "As the story goes, it was a shoeshine boy who kept J. P. Morgan from losing it all in the crash of 1929.

    According to folklore, one day while shining Morgan’s shoes, the boy offered the Wall Street titan a stock tip. Morgan wasn’t offended, but realized then if the shoeshine boy was in the market, everyone else must be too.

    If that was in fact the case, there was no fresh money to send prices higher…and plenty of risk that only modest selling pressure could cascade to a crash. As we know now, the stock market crashed in the fall of 1929.

    [Sticklers to history would no doubt point out that J.P. Morgan died in 1913, but similar stories are told about him during the all-but-forgotten crashes of 1893 and 1907, in which he was involved heavily"
     
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  10. C-mac

    C-mac Well-Known Member

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    Exactly, Josh! Just because every person and their dog are out buying properties everywhere does not mean that most of them are buying well!

    If you actually probe the taxi driver on his/ her IP purchase, you will probably find that they bought inferior stock for FOMO reasons. I.e. thethe cabbie will be like 'bra d new inner CBD apartments off the plan, you cant go wrong with that!'....
     
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  11. geoffw

    geoffw Moderator Staff Member

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  12. 2FAST4U

    2FAST4U Well-Known Member

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    I’m not that surprised that teachers would have investment properties. They don’t get paid ‘high’ salaries but most of them are on reasonable salaries (~75k) and have great job security, which banks love. They realise they aren’t going to get salary increases much beyond CPI so they learn to live within their means. Plus a lot of them would have partners so if their partners earn a median salary it’s not that difficult for them to acquire properties. Plus it doesn’t mention the amount of time in the market. Some of those taxi drivers could have been driving for 30 years and diligently putting away their money.
     
  13. HUGH72

    HUGH72 Well-Known Member

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    While not high paying teaching is family friendly especially for women looking to start a family compared to a corporate environment. They can return to a full time job, something which might not be available in other industries if they have been out of the workforce for several years. They also have greater flexibility in being able to move to different locations easier than other professions
     
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  14. HomeMinister

    HomeMinister Well-Known Member

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    anyone low paid citizens includes cabbies know tax system and how to avoid and it and how they audit and blah blah. to add to this they all probably buyed a ppor and identified a gain on it by now. since being on the road 24/7 they see all sorts of for sale lists then sold lists and leased lists and so on. being known PPOR performance he will add fuel to it to get more obviously. its not a wonder of the world. to add to this cabbies on this gen are well educated and migrants with qualifications under the belt. Theory is not reality in this country where accent plays a role in getting a job!!
     
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  15. Chilliblue

    Chilliblue Well-Known Member

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    Not always a good idea to follow the herd especially if you are towards the rear.
     
  16. Harro

    Harro Well-Known Member

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    My wife was a teacher for many, many years. She is still tutoring today. The flexibility it gives to family structure is priceless.
     
  17. Big Will

    Big Will Well-Known Member

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    Sorry but this really annoyed me, yes it is an internet forum but can we use a spell check? I think they all have it on as default now.

    The word you are looking for is bought...

    I know I am not scholar but it really annoys me when people are using incorrect words or like one girl I used to work with asked what is the different between brought and bought... She thought brought is something you have stolen but bought is something you paid for. 18 yo in a corporate job and you do not comprehend the basic of the English language, it made me embarrassed that she was part of my generation.
     
  18. sanj

    sanj Well-Known Member

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    Still nothing like the great aussie invention of would of/could of/should of.

    That makes me want to stab myself
     
  19. Heinz57

    Heinz57 Well-Known Member

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    I think you mean "what is the difference"
     
  20. Big Will

    Big Will Well-Known Member

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    No what is the different, I'll put punctuation in for you...

    Girl at old work asked "What is the different between brought and bought?