"that is why a 2nd income is required"
you should not need 2 incomes to buy a house!!!!
if you assume prices will correct as much as 20% only, and then inflation has to catch up, at 3.5% P.A your looking at 20 years for wages to catch up.
every year more and more of the younger generation enters the market thats a growin percentage of the population priced out each year. this cant last 20 years, too many people will get their backs up at the goverment.
fair & normal prices will be back, may take 5 or so years but it will come back. Thats why housing is a bad investement as its a item that the price must fall on.
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