With so many differing opinions on the real estate and property investment markets, here are my top 3 words that are used with monotonous regularity by property commentators:
What ‘bubble’ is supposed to mean: a speculative mania.
Steve Keen is perhaps the…well…keenest user of the word, famously predicting a 40% crash in property prices in 2008 which was a spectacular miss.
He’s still going strong though.
Only in May this year, he predicted that dwelling price declines would accelerate and he would let the figures do the talking.
They didn’t and he didn’t.
What ‘bubble’ usually means:
“I don’t own any property and I want prices to crash so I can buy some.”
What ‘spruik’ is supposed to mean: the equivalent of the British word ‘tout’ i.e. one who solicits for business in an inopportune manner.
What ‘spruik’ usually means:
“There are loads of shonks out there, but as I have used the word ‘spruiker’ to describe others, you can definitely trust what I say…I’m fair dinkum!”
The king of over-used words by property commentators, some of whom manage to use it on a near-daily basis, which is no mean feat.
What ‘furphy’ is supposed to mean:
Australian slang for a rumour or erroneous story.
Etymological derivation: Aussie soldiers used to stand around stock agent tanks (made by J. Furphy & Sons) during WWI and exchange gosssip, rumour and fanciful tales.
What ‘furphy’ usually means:
“I’ve decried the views of others as furphies, therefore I am an expert…everyone else, though, is a spruiker!”