I agree with you. It does look like VERY sour grapes (the politics of envy).
Would I invest in housing in Sydney, Brisbane or Melb. from 2003 onwards?
No way. Do not see any money to be made (more likely losses over a 5 year time frame).
Perth has been different due to the mining boom, but I am making lots of money in the stock market.
The house that I live in, if someone said to me he/she will buy it for $2 million, I would still be unable to sell it (my lovely wife would say "NO" and tell me to go make money from the stock market instead). Conversely, if the market valuation fell 50%, it is also irrelevant to me, as I have the advantage of financial freedom.
The big housing boom in Australia has caused a "divide" between the "haves" and the "have-not".
Then again, the whole world seems to be getting more "dog eat dog". Rising global population to 6.3 billion (expected to continue rising to 8 billion) leads to a lot of congestion and tension for the "fight for space" which manifests in "road rage", "supermarket alley rage"; "air-rage"; "office politics rage".
Just look at some of the rage that appear in Hot Copper. A reflection of society at large?
