So is that the mantra pwinne, BUY AS SOON AS YOU CAN AFFORD IT?
When you paid 4 times your wage, that was good advice. Now, at 8 to 9 times, you should be a little more cautious about being so tunnel visioned in the advice. Just because you are better off when compared to your mates who didn't take this advice, and just because the market has not crashed for 21 years, doesn't mean that this advice is golden for all ages.
First home buyers began buying as soon as they could afford it, thanks to taxpayers coughing up the deposit (enough for the stamp duty) and 'lending reforms'. Was this good advice for them? Will it turn out to be much much worse advice for them? Quite possibly.
