Take someone on $60K (slightly over the average income - just).
In 2008/2009 they will clear about $920/week.
A $250K mortgage @ 10% will set them back about $2,000/Month or about half their pay.
I would argue that in most capital cities you could find acceptable accommodation within an hours drive - either a unit or a small house for this amount.
Sure, it's not easy, but life wasn't menat to be easy.
A second income however changes the ballgame and a better standard of living can be attained. Don't drink, don't smoke, drive a tiny small car, have only 1 car not 2, buy fruit and veg at the markets, live with the folks and save, buy an investment property and get the tax breaks and still rent elsewhere etc etc etc. If more people did this they could own their own home rather than whinging about having to rent their whole life.
Hoping for a property market crash is wishful thinking. The fundamentals are not in place for this to hapen. Get real people. Sure prices could come off say 10% but it won't last long.
The people that came to this country with nothing always seem to find a way to buy a home. You never hear them whinging about it.
