I wouldn't argue with the numbers you say - but, is it not frightening in that case to realise that we have (as good as) the highest personal debts on the planet
it means either that the people who own their homes have a monstrous credit card or personal loan debt - and/or that mortgage holders have either the same or and monster mortgages
or both
on top of that - our wealth (Oz) - is calculated using the 'price' of our real estate ------- so, when you think that sydney, melboure, brisbane etc -
the 'price' of this real estate - ie. what it's valued at -
the vast bulk of that in sydney and melboure - is speculative - meaning that once you take off the actual cost of replacement of buildings and services - there's the vast bulk of it left - which is pure speculation
now - is that real wealth?? ------------ or is that mist - smoke and mirrors?
if it were shares and in a boom - we would consider it a very very high risk speculative investment
