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Where i am, a lot of the higher prices are now being paid by foreign investors. In many cases, they dont want to live in the house or rent it out, as it is merely purchased as a means of getting an address that gives them access to a "good school".
Locals cant compete against people cashed up like that.
Irrespective of anything else, comparing the increase in median house price against median income as a percentage shows something is wrong.
Andrew
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