Quote:
Originally Posted by casstony
Anything that puts downward pressure on house prices is good - get rid of negative gearing and first home buyers grants, then people will be able to buy a house without becoming debt slaves for the rest of their lives. There will be an economic hit while the market adjusts but in the long run it's better for the economy if people don't have all their disposable income tied up in loan repayments. Markets and financial systems have become very corrupted and sick over the last few decades.
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I agree totally, and I do think the sooner that this is done the better with the hope to help avoid a much more volatile economic hit later on if that is even possible anymore. I think Australia avoided the housing crash via luck more so than good management and that luck may be running out.
The crash in Spain has at least made buying property here attractive, maybe not yet a reasonable investment but then again nobody wants a return to the days of blind speculation and unreasonable lending(which is still rife in Oz).
As far as a first home goes to have it paid off in under 10 years is a far more attractive prospect than 30+ years and with any luck by the time we may wish to sell both markets should of normalised and we can buy a property we would prefer and without being locked in to debt for the foreseeable future.
It is a situation that must change not one that should be avoided.