because over the long term the price will gravitate to its underlying intrisic value.
The problem is that people with short term horizons justify that line of thinking in that it should be 'today' when the market doesnt work this way.
Instead of complaining about it, if one feels that property is seriously over valued one should be showing patience and investing in alternative investment classes that have better investment horizons, then when the time is right, to move into property.
Instead they follow the lazy path, and say no its not fair, i want my property now, and i should be able to buy it at a reasonable price.
I respect alot of Hobo jo's posts. He argues that property is 'expensive' and he follows an alternative investment/trading path. Personally its not for me, but still i read his posts with interest because they reflect an interesting perspective, rather than just a whinge thats its not fair, i dont have the same opportunity as those who bought property before.
At the end of the day, we are delt a pack of cards, we make decisions at this point in time, the ramifications of which effect our future. Its our lives and our decision. Some will chose the easy but financial frutile path of blaming others, others will just act in a manner that tries to improve ones future well being.
The decision is ours and ours alone.
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