PHOTO: Sydney house prices are up nearly tenfold since 1986. Source: AAP
AUSTRALIA, we are getting complacent.
In this country, the big lesson of the last few generations is that house prices always go up. That lesson has been learned, passed on, reinforced by experience and passed on again. Generations of Australians have grown rich and comfortable by sinking their earnings into real estate.
Parents encouraged their kids to get a house and even sometimes helped fund it. Getting into the biggest possible mortgage has been terrific advice. For just about every Australian adult with a mortgage the house was worth far more than the debt you took on to buy it after just a short while.
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