Kray,
In the area I live (Western suburbs Perth), listings have tripled and prices have fallen slightly. Some properties are stagnating on the market for >4months. A whole generation of agents (and vendors) who have known nothing but a massive bull market are pricing properties extremely unevenly. I shudder to think of how I would be feeling if I owned an investment property in Huntingdale, around Mandurah, Joondalup, etc.
How exactly is someone earning 70k a year supposed to fund a 500k house? IMO, they can't. Or they could have, if they thought their property was going to appreciate.
Yeah the economy is going gangbusters, etc - but a massive property bubble means that housing is extremely expensive, and has gotten well beyond rises in income. ABS data reported on Friday shows retail sales in WA fell in Feb, the fourth such decline out of the past five months.
Just my thoughts.
houses will never be affordable rba, page-13
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