There's a dangerous trend that does concern me and many Australians. We pretty much accept that first home buyers are very much locked out of the housing market unless they're willing to either;
save a massive deposit
move to uppercombucker west
borrow interest only
borrow around half a million or more (if uppercombucker's not to her liking)
The stark reality is this - left with the horrible situation FHBs are finding themselves in, many have resigned to the fact that they will never buy at these prices or that' they'll try and save faster than the market rises. This is only a natural and important progression from such a lengthy bull run. And it is this behaviour, along with rising unemployment, that can cause a strong correction in property.
So far I think most would agree. However, it's now pretty obvious where our leaders, bankers and various other groups have their vested interests pointing to - it's not the FHBs, it's the foreigners (yes, no secret I know). So with this trend that's occurring right under our noses, we are having right now a complete generation of Australians being locked out of the property market that's been given preference to the foreigners simply because they can pay a higher price.
We have become full circle once again, just like it was a century ago where families lived with their folks. Australia the lucky country? Depends if you're Australian or not!
