It used to put a lot of pressure on people to buy. People use to start foaming at the mouth if you were happy to rent, saying you will be priced out forever and all those phrases. Not much of that being said anymore.
The paradigm has shifted considerably. I can only speak for people I know (25-35 year olds, typically in mining/engineering/environmental consultancies). But the shift is pronounced.
And re: pressure, it does put pressure on the people who took on took on too much debt, and live their lives as debt slaves while slipping into negative equity in Perth. I feel bad for the people I see this happening to. It's too bad a largely unregulated industry (RE agents) are trusted as wise sages by the financially illiterate.
