On Tuesday, the Cairns Post ran a detailed story about the collapse in residential property prices around Cairns.
In typical John Mackenzie tradition, he immediately began calling the story a "pack of lies", and accusing the Cairns Post of shoddy journalism. To accomplish this, he lined up "Real Estate Professionals" (one rung below used car salesmen) to bash the Cairns Post and talk up the great investment that real estate is in Cairns.
Needless to say, Mackenzie of course failed to disclose that the agent, representing "O'Connor & Gay", is an advertiser on 4CA and the Mackenzie Hillbilly hour. Keep in mind Mackenzie has been previously been found guilty by ACMA of "failure to disclose" in relation to another real estate firm, Glencorp.
Gay bashed the Cairns Post accusing the reporter of "poor journalism" and instead continued to push Cairns real estate, especially the unit market, as 'terrific investments for the future". At no time did Mackenzie even try calling the Cairns Post for their response. Mackenzie once again shows his testicle-deficient, bully-boy tactics.
This despite continued reports that unit investments in Cairns have traditionally been cash negative, with poor or no capital gains. In fact the situation right around Australia.
Once again the hillbilly investors think that supply and demand somehow shouldn't work in Cairns, and in the rental of residential property. In fact the continued organisation of the CBD property owners into a "leasing cartel" is the only reason rents haven't fallen in the CBD. This cartel-like behaviour is the real cause of the 30% shop vacancy rate in the CBD. Owners prefer to "take a paper loss" and charge it off to the government on their taxes (meaning we ALL pay to have these shops empty).
Once again, Mackenzie takes sides with the advertisers (his own pocket) against his own listeners who are, sadly, too stupid to notice.