I totally agree nq - 'if you pay too much for property you'll go nowhere"!
If you bought in 2004, well done, you have gotten a slice of the biggest property boom IMO any of us will see in our lifetimes.
That is exactly why anyone who buys now will not only go nowhere, but will IMO go backwards at a rate of knots.
The boom is over and it won't be coming back because it was IMO driven by 2 main factors that are now dead and buried:
1. Easy availability of credit - used to be that the banks were throwing money at people. Now they can't because overseas funding is now hard (and expensive) to come by for Aussie banks.
2. The long national nightmare of negative gearing has finally reached the end of its lifecycle. Having gotten rich off the back of this outrageously inequitable policy, the boomers are now moving to retirement and they will be net sellers rather than buyers.
