if incomes rise to meet property prices then inflation will be rampant and interest rates will soar...the only balancing mechanism is a fall in prices.
But maybe that is wishful thinking, I sold my house (eventually) in Kew last August, there were no bidders at all at the auction (a great street, and I renovated the house myself) and I read yesterday median prices had risen up to 60% in that suburb in the past year.....how are people affording these kind of crazy prices???
this is madness, everything tells me this will end in tears but it just keeps on rising! assets should be priced on the earnings/income generated, take away capital gains and residential property is lousy....why does it defy gravity?
property 20 years lockout, page-12
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