House Prices

case: House prices keep dropping and there's no end in sight Greg Jericho Read more For the past two decades, give or take the odd correction, it's been the same tale of rising prices and increasingly locked-out first homebuyers, according to The Guardian. And so it was the case in my own working-class, albeit gentrifying, suburb where the call of auctioneers became the soundtrack to my Saturday mornings, as 30 or 40 people would compete kerbside to win a 1m mortgage for a house that needed work. They attend auction after auction, but are out-bid by baby boomer and overseas investors, who are amassing huge property portfolios to diversify from stocks, or, in some case, simply get rich and retire early. Younger buyers, watching aghast, couldn't get a bid in unless their parents stumped up extra cash from the auction sidelines. And then, somewhere during the course of 2018, the tide definitively turned. It was the age when consultants flogged cheap apartments under the guise of free property seminars, and spruikers wrote books about how to buy 10 homes before you retire, which inevitably included a chapter on millennials spending too much money on smashed avo and drop-in yoga classes. (news.financializer.com). As reported in the news.