In the north shore of sydney, where rental yields are less, many houses are now back to 2002 to 2006 levels in price, depending on area.
The owner is the major loser in this area financially who have bought in these times for what they are worth now. But you do of course get lots of benefits when owning your own home, or at least owning it in partnership with the bank. Are they worth several hundred grand of loss in real terms compared to renting and saving cash? For some that would be a yes.
Even if it costs $1000 to $2000 a week in loss of equity for a few years, to be able to say 'i own this place'.
This is living in the now, what good will it do us to have more money in retirement when we will be stuck in a nursing home anyway?
