"House prices being cheap benifits the whole economy.. bring it on!"
Steve-two points. First is that property, particularily in desirable locations is a finite number, and as the population continues to increase demand for this limited resource will also continue to grow-there is no other alternative, it is economics 101. Explain to me how in say 50 years millions more people all competign for the same limited supply of property will not push its price up?
Second point-the overwhelming majority of people are home owners. Thus if property were to crash then the majority of Australians woudl have their wealth erroded. How you can figure thi is a good thing except for renters wanting to buy is beyond me-a very narrow minded view.
