excellent article : aussie subprime time bomb, page-26

I believe life should be about balance.
You can certainly save for your retirement without making terrible sacrifices. I believe many FHBs will regret the sacrifices they are currently forced to make to get into the current housing market.

Go to a nursing home and speak to the occupants. Most will tell you they wished they did more exciting things when they were younger. Home many houses or how much money they accumulated means nothing when they are stuck in a wheelchair being feed through a straw. They only have their memories (some don't even have that) to cherish.