I heard on the news this morning that the housing bubble is about to burst both in Melbourne area and Perth. Prices are artificially inflated by limiting supply apparently. I'd wait a little more before buying. Not a good time to buy right now.
Having said that you're not wrong about the expectations of young couples entering a minimum of $550k loans without batting an eyelid. It must be clever marketing from builders. The "mansion" is a given and expected.
I bought a 3 bedroom house and land package in 95. First thing I bought was a fridge, a washing machine and a mattress. Then we took it from here.
Although it is a lot harder to get in the housing market now I think a lot of couples need to bring their expectations a little lower. I hear some people crying poor because they can't afford to buy a house. Well... there are a lot of people O/S renting. A house is a luxury. You are to consider yourself very lucky if you are in a position to finance and get in the game to buy one. It's far from a "normal" thing to do IMHO. "the block" on Channel 9 and the reno shows are probably to blame. Good snow job.
But then again, I've eaten enough sh|t in my days to appreciate what I've got. Some of the younger generation don't know the taste of it and I wish for them they never do.
PS: I recently went to visit some exhibition homes in Warwick Farm at the Mastertons display. The basics haven't changed much. The high ceilings and designer crap seem to be the hype these days. It's all about looks, not really functionality. Walking in the bedrooms you can't help thinking how do you fit a bed in there. lol. Maybe they justify the prices. The "Alfresco" outdoor style is a big thing too. Chuck a BBQ and few tiles with plantation shutters in the backyard and add another $100k to the base price. As I say, clever marketing.