Could be back to the future if there is a bust - i.e. before the boom....anyway, here is my re-collection (I'm in my mid 30s)
Circa 1989 - remember the folks visiting a private for sale sign to buy their first home. Auctions was a foreign concept hah. Rang the private number and arranged for a first inspection at 8pm at night. Called and asked for a second and third inspection the daylight. Made an offer on the third visit and even bargained prev. owner to throw in a washing machine and two sets of draws. Done deal, off to solicitors.
My aunty also living in the same suburb (St. Albans) sold off her property to buy a bigger house in the same suburb. They received 0 (yes zero) enquiries within 2-3 months. Agent had no option but to start "aggressive" marketing by sending out flyers and even holding a bbq to attract potential buyers back then. Couldn't sell it 6 months after so they shelved the idea and waited till 12 months later. Finally sold the property but had to heavily discount it by $15K (quite a bit of $ back then).
The general patter seemed to be like this:
Interest was so high on home loans and they were difficult to get in the first place people simply didn't really hoard property. If people sold property, it was usually to upgrade to a more desirable suburb or simply bigger house.
Rent was also very low but so were properties, having said that many moved out before 20, got settled by 25-27 or so and purchased a place not long after.
Even say as late as 2006, prices weren't that ridiculous in most suburbs.
Circa 1989 - remember the folks visiting a private for sale sign to buy their first home. Auctions was a foreign concept hah. Rang the private number and arranged for a first inspection at 8pm at night. Called and asked for a second and third inspection the daylight. Made an offer on the third visit and even bargained prev. owner to throw in a washing machine and two sets of draws. Done deal, off to solicitors.
My aunty also living in the same suburb (St. Albans) sold off her property to buy a bigger house in the same suburb. They received 0 (yes zero) enquiries within 2-3 months. Agent had no option but to start "aggressive" marketing by sending out flyers and even holding a bbq to attract potential buyers back then. Couldn't sell it 6 months after so they shelved the idea and waited till 12 months later. Finally sold the property but had to heavily discount it by $15K (quite a bit of $ back then).
The general patter seemed to be like this:
Interest was so high on home loans and they were difficult to get in the first place people simply didn't really hoard property. If people sold property, it was usually to upgrade to a more desirable suburb or simply bigger house.
Rent was also very low but so were properties, having said that many moved out before 20, got settled by 25-27 or so and purchased a place not long after.
Even say as late as 2006, prices weren't that ridiculous in most suburbs.