[hestefisk]

From an Australian perspective, this is an interesting read. I live in Sydney where houses are so unaffordable that it is cheaper to rent. Protection for landlords and tenants is pretty good and balanced, and in times where nutcases would gladly spend in excess of 60% of their monthly net income on a mortgage, I would rather wait and see until the market has settled. Analysts say the market is about to burst and that, for first time in history, it is considered more feasible to rent as opposed to buying and selling the property 30 years later (the NPV would be less than if I kept the money in a high interest savings account). Property is all the craze here, but soon the average Aussie will wake up with a huge financial hangover.