Fair call street talk, but equally the buyer of the PPOR would also have had to pay stamp duty and other transaction costs which would have eaten away at his capital even further (by a not-inconsiderable sum). Obviously there are pros and cons to any investment, but RE enthusiasts can't have it both ways. Capital gains were there for all during the 15 years or so prior to 2010, but the last few years have bought negative returns - accentuated by leverage, repayment and transaction costs and other opportunity costs. This is undeniable.
