I think you have done well financially to unload your property now blackm3. There will be no use holding summits or royal commissions, in this system, none of this will happen, as it will upset to many property owning voters. This is why they did not talk about the elephant in the room at the tax summit.
What will change the affordability situation is exactly what is happening around the world, prices falling back to sustainable levels. Your mate was lucky to get away with that loss. Maybe the house wont fall by much more over the next ten years, but if you calculated his losses in ten years if he had held it for that long, including what he could have made in a low return style investment like a savings account, and the loss due to inflation, then he will be so much better off.
Unfortunately this means that owning a home now will mean a painfully slow and extended loss of wealth. It will be something that all homeowners will have to swallow. The great Australian dream will unfortunately turn into the great Australian wealth destruction nightmare for an extended period IMO
A more risky approach to try and make the dollars work is to trade in something other than property using a margin loan on the property value. Risky business in these times, but that would be one of the only ways for the average owner to not lose out over the next 10 to 20 years IMO.
