i agree with those that say they rather live their life then be stuck paying 95% of their pay towards a house that they might call their own when they are 60.
Back 10 years ago the property market was a great thing to get into. With the price of houses being quiet affordable, working hard it was possible to pay off a house in 5 - 10 years. Now the story is totally different. Buy some half ruin for 400k, spend 90% of your pay on bills and repayments and call the house "yours". The truth is you are paying rent either way, to the bank (interest) or the landlord.
You are either paying 40% or 90% of your wage, paying maintenance or having somebody else pay maintenance, sitting home eating instant snacks and not being able to afford to go to the pub constant in stress of meeting repayments, or living life being young, but wise!
You only live once and you are young once, like it was said before you are not going to be surfing at 50 or sleeping with beatifull 20 something women.
Its such a propaganda machine for the young thesedays, get yourself a fulltime job, get locked into a mortgage which you can barely pay off and live life 9-5 until your 50. Go on your annual holidays to queensland for 2 weeks each year and do the same thing with the same people for xmas.
This is what you are told by those that need this whole scheme going in order for their own investments to be sustained. The trends are slowly turning, alot of young people are not materialistically motivated, they prefer to travel and see the world, meet other cultures, experience real adventures and simply live their life! Its just not the same as having your Clubsport Hsv on credit in your house on credit taking it for a spin on a Sunday lol.
Anyway my point is the housing market might not crash, it might not correct (unlikely) but in the end we are all born with nothing and leave with nothing. It makes me laugh and saddens me at the same time when I see another 20 year old fho saying how they plan to make 100k in 5 years or 10 years from their investment. Little do they realise the only people that benefit from them are their future kids and the ones who bought in to the property market 5 - 10 years ago.
Lets face it property prices might of went up 300% yet wages did not. If you buy a house for 600k today who in their right mind is going to be able to afford it and buy for 750k in 2 years? Investors from china? thats everobody's response. If I was to invest 750k id want to get more then 500 bux per week return on it lol. Its all about group mentality, its 2010 wonder if the next decade will still be stuck in the thinking of "the aussie dream"
please don't misunderstand its not a attempt at downramping the property market, I know heaps of people have a very big stake set on it including many honest families! It is my observation of the changing mentality of the new generation to come and the emerging bubble.