My parents house cost them $3,000 pound back in the 1950's. It sold a few years back for about $500,000 aud.
A house on a 1/4 acre in Perth.
There are a lot of people out there just managing to pay their mortgage now, any rise in the Mortgage interest rates is going to cause havoc among these families. This is why the RBA has not raised rates. No government wants to be the government that put rates up and the RBA is snookered. They cant raise rates at all and they know it.
Make no mistake Australian governments and Banks are responsible for this situation. Im just glad I have no debt, own my property and are a self funded early retiree.
