I would imagine that what with the combination of inflation and the ever growing population putting pressure on housing, house prices would double EVERY 20 years, indefinately
I think there needs to be a discussion on how to address housing prices because if we don't we will all end up at the bottom of a neo-feudal system.
My accountant told me that if I sold my house for whatever reason, I should try to buy a house of equal or slightly higher value to replace it. He claimed that buying down would push you further out to the suburbs. Very few houses drop in value.
Given my druthers I'druther live in the burbs than in town. Yick!!! I'd rather live in the rurals than the burbs, although there are sacrifices like convenience, for one thing. It's 15 minutes to the nearest general store. Same for fuel.
I think there needs to be a discussion on how to address housing prices because if we don't we will all end up at the bottom of a neo-feudal system.
Its unlikely.
3% is merely trend, about the rate of growth in housing prices the last 100 years.
However, the last 5 years have seen unprecedented growth of, what 10-15% per annum? You have to believe there has been a structural change in housing markets the past five years to assume housing prices are going to rise at trend for the next 15 years. Since structural changes happen maybe two or three times a century, its is unlikely the home price appreciation we have seen is permanent.
No doubt. My thoughts were how the headline was rather misleading. By saying house prices are expected to "double over the next 20 years" makes it sound more lucrative than 3% per year. That's what sells news though.Its unlikely.
3% is merely trend, about the rate of growth in housing prices the last 100 years.
However, the last 5 years have seen unprecedented growth of, what 10-15% per annum? You have to believe there has been a structural change in housing markets the past five years to assume housing prices are going to rise at trend for the next 15 years. Since structural changes happen maybe two or three times a century, its is unlikely the home price appreciation we have seen is permanent.