Hey Benny,
Yeah I have to say I feel the same. I currently earn a pretty good wage working in the mining industry in WA but am concerned at the debt expected to be taken on by our generation. To buy even a small house in an area I would want to live in on the city's fringe would see me stretch a loan amount to 5-6 my own salary (with 10% deposit) which is very risky for me.
The interest rate rise that you talk of also seems to be on the way as the big banks seperate from the RBA base rates. I perceive that if interest rates rise too quickly then the big banks will be shooting themselves in the foot, as repossession and ultimately market growth will deplete. It's all such a fine balance that I can't see lasting for ever.
I do sometimes find it hard to look at the market and "stand ground" on my thoughts and beliefs. Who knows, we could get caught out and be looking at 10-15x as Sydney is seeing... but really that is unsustainable as it offers no point of entry to market.
