Property is now a ponzi scheme globally pure and simple and Australia is no different. The entry price in places like Sydney is now 10x income and simply beyond the reach of any SANE FHBer.
Only those that team up or get a leg up from their parents are able to even consider getting on the “Property ladder”. As the constant flow of mugs has dried up (credit growth is at the lowest level since records began), the ponzi scheme is collapsing.
The baby boomer generation who all paid much less than $200k for their house decades ago are going to have to come to terms with the reality that following generations are not going to fund their luxury world cruise retirement plans by saddling up a $800,000 mortgage for the same modest pile of timber framing.
