The price of your property is relevant to the cost of a similar property.
If you sell the one you live in you have to buy another one so regardless of how much it has gone up it really is irrelevant.
So long as you have one and it is fully paid off that is the big success.
I have a property of 5 acres that cost me $9500 and a house on it that cost about $70,000 at the time.
Today they are selling half acres about 3 klm's away for $260,000 with no house.
The house is not a big house but comfortable for me.
How much is this property worth?? Who knows but I wont be selling it, the council rules stopped people from making blocks that big in the 90's. I dont want to live in town I could not stand living that close to so many people ever again.
I own it but dont live there all the time. The bank has offered me equity loans on but that is just a nasty trap.
Anyway the point is it matters not how much your house is worth. If you sell it you have to buy another one and unless you move somewhere cheaper you will be stuck with lawyers fees.
As far as housing prices staying high, well that is just BS and Ive lived through a few housing downturns and seen thousands of people have to sell their properties at fire sale prices. It will happen again and sooner rather than later imo. Its already started and the US is about to have a big shock with property as massive Chinese property corporations are now starting to unload their properties because they are going broke.
If you have not lived through a couple of downturns you may be forgiven for thinking Australia will not be affected. It will and soon.
