Does anyone know how much inflation has gone up per year in percentage terms from 1975 to today?
While it looks interesting, the housing CPI figures as published by the ABS do not apply to actual house prices.
And neither do the stats called "house price" from June 1999 apply to real house prices.
If my memory of my economics classes are correct, it was a wool boom created in large part by the Korean War, causing a huge spike in our terms of trade.
My Dad tells stories of this time as well, good time for wool growers.Yeah, my dad vaguely remembers it, as he was 12 in 1952, but he heard about it for a long time after. A pound of wool was worth a pound. All the old timers talked about 'the pound a pound' for ever more after it happened. For a few short years Australian farmers were really rolling in money. Farms were paid off in a few years, fortunes were made.
'Then, between June and September 1950 prices jumped by 50 per cent, and began climbing towards the peak of March 1951, when they reached the dizzy average of 251 pounds per bale. As a comparison, that was around six times the price being enjoyed by growers in the improved market of 2002, which was he best in more than a decade. Such prices had never been seen before, nor will they be seen again'
'In 1951 York Motors were offering the 4.5 litre Bentley, pointing out: 'Now is the time to buy! More and more succesful primary producers are choosing Bentleys. Today, fewer bags of wheat or bales of wool are required to purchase a Bentley than ever before'.
Real estate agents were seeking buyers for a fully furnished two bedroom cottage at Palm Beach for 6500 pounds.