The econmic consequences for Western Australia will be severe - for each $1 of iron pricing per tonne, the Government getts $83 million in tax... and already the price is down $13 a tonne, or in revenue, nearly $1 billion give or tak a few $$$$'s OUCH that might hurt.
Yesterday, I was looking at real estate to take advantage of the downturn... a unit in the Eastern Suburbs where the owner was offering 3 years settlement with possession in the meantime... it was shit - poorl;y built, by a builder who cut corners, and has now folded... but hey it was cheap!
It reminded me of a previous client, let's call him Rod to protect the innocent, who tripled his inome in Real Estate during one of the previoous busts in Perth real estate... he said the change came from swivlng in his chair so he looked at properties in South Perth which were in the millions from where he was selling, Vic Park, where propertis were in the $100k's. He said to me, the deals were the same just a few more 000 on the asking price BUT he still had to leand the purchaser the $10 to make the contract legal...
So, I think I will swivel my chair a bit.
{ as I just said to my agent... I am looking for a snatched back bentley rather than a clapped out commodore [ do they make them any more?]
So, ther e must be some great bargains at the big end of town? I am thinking!
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