Given the changes in the market
Please note, I ask this in separation from the "will the market follow this boom with a bust?" question, as the entire trend so far is combined out of booms and busts, so there's no reason to suspect that that cycle is automatically at an end.
Rather, I am just curious about house prices in relation to the rest of the economy, because "cost of living" is partly to do with house prices and "cost of living" is a big part of the competition between developed and developing countries.
If it was a trough to trough (1976 to 1995) then it's hard to see that it's a 2.4% per annum rise.
i.e. I assume there will be some kind of correction. Everyone is so leveraged that it has to be considered an unstable situation.
But, what will the next part of the graph actually look like? And more to the point for fools like me, if I intend to live in this country of my birth, long term, how do I arrange to make that affordable?
If prices start to slide, as soon as people become aware of it they are going to want to sell earlier rather than later in order not to lose even more money.
I'd say if you're going to be in the country long-term anyway, you might as well wait until a house you like in an area you like becomes affordable for you to buy, which might well happen in the next 5 to 10 years. "It's the statue, man, The Statue."
