whichever way you cut it australian home prices are the most unaffordable in the world....around 7x median gross income...many pay over 50% of their wage on mortgage payments....over the course of a normal mortgage you will pay the bank as much in interest as your original purchase price..throw in ever increasing rate bills and endless maintenance costs...all so you can say you own your home...BFD imo...
all of this caused by deliberate govt policy of restricting land for sale and encouraging dense living...stamp duties are major source of revenue for state govts...not in their interest to see house prices fall....
almost every working member of my extended family in sydney has a job directly related to property..property is overwhelmingly the biggest item on our major bank's balance sheets
if australia ever loses it's competitive edge in resources you will see house prices drop like a rock in a pond
