Property is expensive. I hear that in Australia it is 50% overpriced… but overpriced isn't overpriced as long as people are willing to pay. If everyone stopped buying property, prices would go down, right? Maybe what we need to do is scare everybody out of the market with a self-fulfilling prophecy of housing bubbles bursting.
But while property is in demand and under-supplied, renting is sensible and you shouldn't feel bad about it. (The important thing is to rent cheap and save.)
However, I have good news! In the very long term, real estate might drop off a lot… just wait until the Baby Boomers exit the property market and go into nursing homes. I'm just biding my time…
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Sorry Jess,
ReplyDeleteIt's probably not that simple - if the local demand for properties drops, there is still likely people from overseas who will be looking to buy property.
True. Darn. I guess even if every country has a population decline post-boomers, Australia is still popular enough to keep immigration high.
ReplyDeleteBack to Plan A - burst the housing bubble.