Looks like the spruikers' stories caught the slower Westies out. When interest rates went to an all-time low, shrewd investors in the eastern and northern suburbs probably saw a price boom coming, and bought early, possibly to sell at the top. Once the seminar gurus got up steam and convinced the Westies to negative gear, because 'it always goes up', it was too late -- the tulip boom was busting.
Does the NSW 'Labor' government care about any of this? No way, they're too busy bailing themselves out of their countless screw-ups and aiding and abetting their capitalist cronies, many of whom are in property development themselves...
How the housing bust went west
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