My bubble test is this.As a young 22 year old in 1983 I was able...

My bubble test is this.

As a young 22 year old in 1983 I was able to buy an inner city terrace house for $49k in Melbourne. In fact I had many choices to decide between in Carlton, Fitzroy, Collingwood, Clifton Hill and Brunswick. I had a 40% deposit for this property and I was earning just above average weekly earnings at the time. Soon after this purchase I returned to University full time and worked part-time for a multi=national, and I could still afford to keep this home without renting out the spare room.

At the same time many of my friends were also able to enter the property market and buy properties close to the CBD in Northcote, Coburg and Elwood.

Now, if I was a 22 year old today earning average weekly earnings what would my prospects be?????

There is something seriously wrong with property pricing at the moment whereby modest houses in Sydney, Melbourne, Perth and Brisbane rank amongst the most expensive properties in the World.

C'mon lets get serious.