You're dead set spot on there's a considerable amount of self...

You're dead set spot on there's a considerable amount of self interest there. I've been working hard all my life to buy a property, I can do so now, quite a decent one after a lot of work and investment and living in rental properties. Getting a lot of pressure from my wife to buy a house, the GFC didn't help by wiping out 2/3rds of our wealth, delaying the process by a few years for us, managed to recover all of that back by buying stock near the lows.

What I don't like the prospect of is dumping all I have worked for into one asset that will likely lose me half my money in ten years in real dollars if compared with sticking it in cash over the same time.

Sure it's great to say you own your own home, but at this potential cost, is not very forward looking. The difference could be a comfortable retirement, or a retirement in fear of spending too many dollars. Owning a home may be a lifestyle choice, but so is not having to worry about where to get the cheapest rice from when you're 70.

If houses were what I believe to be fair value, I would have the capacity to invest in other areas, shares, cash whatever. Instead, like probably 80% of other aussie homeowners will sitting on the one asset which may well be going backwards in real terms til the 2020's.