[.:4:.]

Whilst the housing market is slowing, it's never going to go backwards significantly. The dumbest yet smartest thing I ever did was buy a house when I was 25. No bank would touch me because whilst both my wife and I had full time jobs and reasonable income (certainly not rich, but definitely not poor. We have never been able to claim family tax benifit b). The only way I got a loan was my home loan writer was owed a favour, and my dad owns the brokerage. Even still I had to pay an extra 12 grand for loan insurance because I was in the high risk demographic. The first 24 months was a tad rough paying the mortgage and supporting a young family, but then it got easier and easier. Now due to the property inflation I pay less per week mortgage then what the rent in the area is for a smaller place. There are run down weather board houses on 400 square blocks on main roads getting auctioned and fetching well above the reserve for well into the 900 thousand range. After associated expenses, 5 years back I spent a tad over 500 for a brick 3 bedroom with a detached granny flat on a 750 square block. I say it all the time to the young blokes I work with. I don't envy their situation. Not being rude, but there is no way they could ever break into the property market in sydney for a house on a decent block of land. Yeah a unit somewhere maybe, but you can't raise a family to the fullest living in a box. Rant over.