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That's ok, I'm biased too. It's just that I have real money riding on it. I just wonder at your credibility because you're trying to use statistics and theory to argue against real, actual resuts. I just don't think you're going to have much success talking the market down here, in a property...

I've read the study. I've also lived in London. The average place in London is a LOT crappier than the average place in Sydney. If people in London are willing to live in hovels for 8 times average pay, Sydney has a long way to go. Ah well. You have more choice than I do. I can't sell and buy...

Inefficient construction? Compared to what? We want brick houses with granite benchtops. If we were willing to live with cheaper construction, maybe. Lowest population density, on a continent that's mostly desert. LIVEABLE land, close to work, transport and amenities, is scarce. Are our govts...

You go ahead and do what you do. I'm the one with real money on the line in Brisbane. Alex

Yeah, but property is fundamentally micro. I don't care what the whole country's property does. I care about the ones that I own (and will buy). My point is that for any given property (and I don't buy the whole market, I just buy individual properties) the income of the people living in it will...

'cause credit won't be tight forever, just as it couldn't be loose forever. What has been happening for the last couple of decades, if not hundreds of years? You're ignoring population growth. A house doesn't move, but the population around it does as the city grows. Your worker's suburb...

Not necessarily. Crap flats in horrible areas in London are still very expensive compared to average salaries. If more skewed income distribution just drives up the price of the LAND, you can have the situation where even crap properties sell for high prices because of the location. Alex

Because if you don't have any property, the longer you wait the harder it is to pull the trigger. ESPECIALLY when the market is falling. Also, don't think of this as a one-off. Hopefully you're going to buy many many properties over the years. My own theory is that those who wait to buy at...

I'm not sure the average in Sydney is much more than $50 - $60k, you know. Yet Sydney median prices are consistently above $400k. I think the market is WAY too fragmented, with too much happening in terms of income distribution to be able to tell anything from city-wide median data. Alex