Former chief economist to the prime minister Dr Andrew Stone says "inflated expectations" are "colouring people's views" about how difficult the current housing market is.
"Over the last three and a half decades, Australia has had three major run-ups in house prices, two of which were driven by deep structural forces in the economy - in particular, the taming of inflation from high variable rates to a steady 2.5 per cent," he said. Dr Stone expressed "some sympathy for young people" because he theorises the most recent price hike - which has not necessarily been driven by those same structural forces - is largely being driven by immigration.
if this is a real possibility for a growing number of people, it needs to be taken into consideration ideally in advance.
I highly doubt that.. when I was a highschooler, my teachers told us to give up any hope of buying a home, and this was in the Suburbs (not city). Subsequently, it's not been on my radar. I'd rather be realistic then get into debt, or damage my families equity/assets.
Our parents were able to buy a 3 or 4 bedroom home on a 1/4 acre block, on one salary, close to the city. At best we can buy a one bedroom apartment with no yard, in a faulty complex with a 45 minute commute if we're lucky expectations