House prices as multiple of single/household income is 2-3x what it was in the 1970s.
Government is having to line FHB pockets so they can buy.
Interest on mortgage repayments is at a much higher percentage of household disposable income compared to 1970s even though the rates in the 70s reached a much higher level.
Land Values/Australias GDP at much higher level.
We are having to borrow from foreign sources to keep the ponzi going.
Could keep going, but what's the point. Your dad reading a forum and some comments and then making such a huge generalisation tells us all we need to know about his mindset. I doubt he would change his mind if we saw the same lending standards here as in the US (e.g. NINJA loans).
