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Sorry JIT; wasn't having a go at you; just pointing out the expectations of some of the FHB's. Of course; to you and I, those properties would seem like dollars in our pocket down the track; not a poor compromise for a McMansion in the new estate on the handkerchief sized block.

Nice try JIT I think most FHB's look at your selection as either somewhere they would have to rent, or as a retiree's unit. I think the FHB's have this as the starter home in mind these days...

My first house was in Boronia when it was Gerry Springer land (I think it still probably is, but more expensive). It's what you need to do to get in the door. My girlfriend was working in Collins st - 50 mins by train, and I was working in Emerald - 40 mins by car. Didn't think twice about...

median price doesn't mean the cheapest.

1. where are you looking 2. what is your budget 3. what is your income 4. do you have any money saved 5. are you eligible for the FHOG 6. are you a consumer 7. what is your level of personal debt. 8. what are your expectations of the property you wish to buy Every one of these...

This all seems like L.A in 2005 - Prices were going mad, then there were a few rate rises, then there was a sub-prime lending collapse which a lot of the exhorbitent prices were funded by. A lot of the exotic loans were the tools used to force the boom along, and in the end many couldn't afford...