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They can buy their lovely dream houses in the styx for $600k and then be slaves to their mortgages forever as prices move sideways or down. It's the clever ones who buy the cheapies for $300k. No matter what, those who buy the cheapies will never lose. Pity that there are so few cheapies...

Not exactly, the population of Tokyo has risen in the last 20 yrs as people flocked there in search of jobs. Hasn't helped property prices or rental yields one bit. Prices and rents have collapsed as reality set in. Plenty of speculation happening in Australia as young 'uns get into the game...

Well, that certainly does not apply to most of Japan and Germany over the last 20 years. Or even much of the USA. Prices and rents have fallen massively. Those who bought at the top have been badly hurt. In Tokyo and many German cities, the population has risen but has still been unable to stem...

In the long run, it's pretty hard to defy history. Those who've been in it for less than a decade will pounce on any "evidence" to suggest that property prices, like trees, will grow into the sky. Anyone who disagrees is a heretic. So true. It's a rare to see people who've been in property...