This is an Australian article, where I am. House prices are, I can confirm, insane.
And I've always wondered whether it isn't a bit of a scam, really. Not a deliberate scam, just one that we've all fallen in to. [0]
People buy a house for $1m and then they're pleased as punch when a few years later it's 'worth' $1.5m.
But what's the point of it being worth $1.5m? Because now if you want to move, the house that you have to buy is worth proportionally more.
So at what point does anyone get to keep the money?! The only ones that win are the banks.
[0]: Except me, because I never bought a house, and now I'm 46 and I rent. :-/
And I've always wondered whether it isn't a bit of a scam, really. Not a deliberate scam, just one that we've all fallen in to. [0]
People buy a house for $1m and then they're pleased as punch when a few years later it's 'worth' $1.5m.
But what's the point of it being worth $1.5m? Because now if you want to move, the house that you have to buy is worth proportionally more.
So at what point does anyone get to keep the money?! The only ones that win are the banks.
[0]: Except me, because I never bought a house, and now I'm 46 and I rent. :-/