I Remember When with Milton Rendell

Do you remember when housing loan interest rates were 19 per cent?

For those of us who remember this in the early 90s it was a tough time.

Paul Keating is remembered for saying at the time “This is the recession we had to have.”
At the time we found this hard to swallow as we had huge unemployment rates at 10.8 per cent and there certainly was not a lot of positiveness in the business world.

Things like car loans were at rates in excess of 20 per cent and many sellers in real estate were taking losses on sales of their properties after having bought at the peak of the prices in the late 80s.

It was certainly a tough time to be an agent but it was not just tough for us, it was tough for everyone in Australia
Why I am I writing about it today?

Well in the last few months I have been constantly asked how the market is and I am also in tough discussions with friends who have businesses which are struggling, having to reduce staff levels and finding the banks tougher to deal with.

The sad thing it is not the first time it has happened and certainly it will happen again in the future.
I think here in WA we are feeling a little isolated as we sit at home and hear the reserve bank talk about high prices on the east coast and prices still climbing.

This is in total contrast to our experiences here though it was not that long ago both Sydney and Melbourne were hearing about our robust economy while they struggled.

It just proves things do not say the same forever and that adjusting to your local trends and economy are the keys to success in business and property.

The challenge can be working your way through some of the information on the internet and in the news that is not necessarily correct.

Because it is on the internet doesn’t mean it is right and may not really apply to your current position.
My personal thoughts are simple, go to someone who you believe has the real-life experience to help and who will deliver the truth good or bad.

There are plenty of opportunities out there today as there were in the 90s, you just have to understand the game and how it applies to you and your circumstances.

Unfortunately, bad news sells quicker and better than good news so look for the good and things will work out, find solid advice not just any advice.

If you have any memories like mine, email memories@realestateplus.com.au.

– Milton Rendell, chief executive officer