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If anything, I suspect Australia is headed more toward the European model of having more renters, less owners. Of course, this would take several generations to occur, but I would not be surprised to see it happen. Realistically, do we expect median priced Australian homes to return to price...

Depends on when they invested, really.

True, but without paying the interest you couldn't have had the asset generating the rent (which would have paid all the interest):). It's a bit of a circular argument, really.

The overall market has slowed, and I suspect will stay that way for some years. Pockets will do well. My plan now is simply to sit tight, now that I'm cashflow positive, and focus on other things for a while. If and when the next boom starts (perhaps 5-8 years out?) I'll be ready to jump in...