Does property really double every 7 years?
If that is the case then wages must double every 7 years as well?
Over the long term you cant have one without the other.
(And dont say its because of two income earners, two income earners may provide for the doubling to continue for a while, as the affordability level temporarily decreases to accommodate two income earners, but whats the next step after this has been factored into to ever rising prices, the grandparents come out of retirement and they start working again??, or what about the kids, take them out of school and get them working as well??).
You may find periods of time (which can be a reasonable length, say 20 years+) where property has doubled every 7 years, but this does not mean it will continue into perpetuity in the future.
I would strongly advise against members of this forum, building such assumptions into their buy decision framework.
If that is the case then wages must double every 7 years as well?
Over the long term you cant have one without the other.
(And dont say its because of two income earners, two income earners may provide for the doubling to continue for a while, as the affordability level temporarily decreases to accommodate two income earners, but whats the next step after this has been factored into to ever rising prices, the grandparents come out of retirement and they start working again??, or what about the kids, take them out of school and get them working as well??).
You may find periods of time (which can be a reasonable length, say 20 years+) where property has doubled every 7 years, but this does not mean it will continue into perpetuity in the future.
I would strongly advise against members of this forum, building such assumptions into their buy decision framework.