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One other thing people need to consider ( as mentioned earlier ) is the "relative" cost of moving. People used to move into small cheap(ish) houses for a few years then move up as finances allowed. There was a reasonably large range of house sizes, so you could nearly always get in low then move up.
The govt/real estate agents are now such a pack of money grubbing leeches in the sale process, with their fees and charges, that it is no longer affordable to move vs renovate.
Now ( in my area ) people buy a small cheap place, then knock off the back, raze the gardens and stick up a 2 storey McTerdBlock extension, usually building to the boundaries.
They then sit on their first storey balcony and look into everyone elses gardens, and extol the virtues of living in such a nice area,
until those places are also "renovated", and they squeal like stuck pigs about "their" loss of amenity.
End result is no small/affordable housing is left.
Andrew
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