[Chimerica]

LOL, not much makes me raise an eyebrow nowadays with RE, but this is pure gold. REIWA head calling the Baby Boomers 'scared' - FFS!

For those of you who aren't aquainted with Perth's demographics, the Western Suburbs of Perth are where the wealthy movers and shakers live, i.e. the 'smart money' is getting out of property and into cash. RIEWA's David Airey is obviously sh*tting himself and doesn't want the bogans to capitulate until his wealthy mates are home safe and dry. Glad to know that I'm one step ahead of the movers and shakers. Obviously hitting the 'realisation' phase here in Perth, 'panic' coming at ya very soon.

http://www.perthnow....u-1226258690751

Quote

THE head of the Real Estate Institute of WA has warned "scared" baby-boomers being lured to the safety of cash against selling their investment properties, particularly in Perth's western suburbs.

REIWA president David Airey, speaking at the Australian Property Institute and Financial Services Institute's annual residential property breakfast this morning, said well-heeled baby boomers were offloading their investment property portfolios and converting them into cash despite some of the strongest rental returns in years.

“The trend we see in real estate, and I’m in the western suburbs where there are a lot of investment properties, is that there is an increasing amount of stock,” he said.

[zaph]

Quote

WA's peak real estate body is predicting no recovery for the State's housing market this year, with WA homeowners set for another "steady as she goes" year.

In what he believed could be a carbon copy of last year, Real Estate Institute of WA president David Airey said the continuing combination of buyer uncertainty and frugal lenders would create sluggish demand.

Speaking before a speech to financial and property experts at the Australian Property Institute residential outlook breakfast at the Perth Convention and Exhibition Centre today, Mr Airey said there were no signs of an "incredible upturn" this year.

"I hate being too negative and an optimist would say with the last three years being fairly quiet an upturn is due around the corner, but at the moment there is nothing to point to that," he said.

"We're seeing only a fragile recovery in the market and that's from first-homebuyers keeping the lower end stable.

"The high-end, million and beyond market will continue to struggle and demand will stay low.

more at http://au.news.yahoo...to-remain-flat/