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PAX Australia - It's over! Now buy InFlux!
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The lowest it's been in the past 4 years is around 15-20% less than current prices.
Now look at the downswings. The 2009 downswing is the largest (and doesn't really count because it was the gfc) look at the correction 10/11 that was at most 2-3 percent. Yes the market is in an upswing, but the Australian prices aren't much better, property prices in Perth are up around 15% from January alone.
Hanging out on a downswing isn't a good idea. If the market is going down, you can argue that it might be a good idea to wait for it to bottom out. But waiting for a bust means you need to wait for the market to peak, then wait for it to go down, and who knows, it might not correct all that much.
I'm going to end this with, you probably can afford a house. and I was in the same place as you. I was convinced that houses were for people with families and dentists. They are not. They are affordable (barely) if you make some sensible decisions on what lifestyle comforts you are willing to sacrifice (this can be a number of things, a backyard, time spent traveling to work, it might mean you need a second car, or you buy an apartment or you could just have a general lack of space).
I dug my heels in forever about buying a place, and when we finally started doing it seriously, I felt even worse, because honestly, I should have done it years ago. Don't make the same mistakes I did! The sooner you start, the sooner you can start paying things off and the sooner it can be yours.
Satans..... hints.....