Property seems to be cheap when looking back. The first house that we bought (and later sold) seems to be cheap now; not so much at the time. The same house is no longer cheap. In my opinion, it is not a matter of houses changing value but rather the value of money changing. Money is not a good repository of wealth; a house is more likely to be. We encouraged our parents to always own a house - when they sold always to buy another one even if it were to "downsize". They didn't follow the advice and ended up having to be supported by their children.
