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As someone who, like you, is trying to figure out the right thing to do in Melbourne, it's hard to say isn't it. On the one hand things seem so ridiculous in terms of debt. On the other hand we have strong population growth and demand here it seems. Although, I have no idea what our growing population is doing for jobs.

Because, things are very centralized here, the options for buying are getting further and further out and the public transport systems doesn't look like it's going to be upgraded to match any time soon.

Inner city apartments are currently pretty small and expensive too, which hopefully changes with some more supply.

Wish I had a crystal ball on this one. All that said, Melbourne still rocks :)

[sailormoon]

I assume the situation in Melbourne is similar. Here is just crazy. The two bedroom apartment I rented a few years ago for $450/w is now $700/w. A one bedroom apartment in any decent location is now minimum $400/w and probably more like $500.

Rent has gone up 50% in the last 3 or 4 years and seems like it's going to keep going. To comfortably rent a decent 1-bedroom apartment, ie to keep your rent around 30% of net income, you now need to earn $100k. Will it be $150k in 3 years? I'm not sure I will be making that much!

Maybe I should move to Brisbane, which is like Sydney 5 years ago ..