"In the end I had 6 applicants, if that, the vast majority of whom I wouldn't consider renting to for one reason or another (ie. potentially 'high-risk' type tenants)"what do you consider high-risk tenants?

Didn't you do the research first? I can hear at least one bubble popping.

What would a family, with two toddlers, who have lived in inner city Melbourne most of their lives, built up social networks, jobs and a life (it was affordable to rent until the last five years) do on a $40,000 household income? I did some rough maths on rental properties of $300-$350pw, and there's nothing left each week, even before nappies or…[Read more]

This article might be of interest: http://www.smh.com.au/business/cashing-in-on-the-boom-20110225-1b8ow.html–'The boom's effect of driving a high cost of living in Melbourne, including galloping property prices, is nominated by [Brian] McNamee as CSL's biggest challenge as it seeks the world's best and brightest. "The biggest challenge for us…[Read more]

Hi Mark, would you care to answer your own question – what are you doing? is anyone you know taking steps yet?

"And the people who aren't as well-endowed then go around saying that property is unaffordable. Of course! How can people with a low income expect to buy into blue-ribbon suburbs?"I'm not talking about no blue ribbon suburbs. As I said, a lot of Preston is the dogs balls, and that will still set you back about 12 x the average income of an inner…[Read more]

"Just out of interest, what is the weekly rent of a place in this slumsville part of Preston?"$310-350pw. Same as the nice area just a few blocks away.

Anyhow, a while back you asked about some other blogs to check out, I don't rate them all but they each have something informative or funny to add, and I'm sure there is plenty…[Read more]

When I inspected it as a potential rental property, I asked the agent what it would be worth to buy – that's what she said. Doing a comparison online, it's probably not accurate. The back yard is pretty huge, so its just the land she is putting at that value, saying the house needs to knocked down to build flats. Which is what the owners intend…[Read more]

AHP, would you believe(I think you would, and its true) – $800K

Even low earners like me can still afford to buy a place in some areas, its true. And I can get a loan to do it. Say I go for a place worth $200K in regional VIC. Once I move there, I'll have to learn a new trade because the sort of job I work only exists in the city, and I will pay my maximum inner-city rental capacity equivalent for 30 years. By…[Read more]

Apologies, I meant to link to this article on German housing "A housing market whodunit" by Oliver Marc Hartwich – it explains the system much more thoroughly: http://www.cis.org.au/media-information/opinion-pieces/article/2358

It's nice to see you guys duke it out..Just as an aside, what would you think this property would be worth, to buy, knowing that it needs re-stumping and that the second 'bedroom' is in fact the dining room that joins the lounge, separated by glass doors?: http://www.realestate.com.au/property-house-vic-preston-405044973

Hi Steve, With regards to your comment "Value is perceived, not intrinsic" you may enjoy reading 'The Value of Nothing: How to Reshape Market Society & Refine Democracy' by Raj Patel. I personally believe prices are over inflated and would like to see a correction, without a crash. In believing this, I have begun to focus less on the potential…[Read more]

"But I don’t see the point in trying anymore"What did you try, when you were trying? I am trying to rally support, and once there is enough awareness of the crisis, and a clear policy direction that benefits all, encourage people to petition the government, and ideally, hold large scale protests in major cities. There are a lot of struggling p…[Read more]

The focus needs to change from the 'property bubble' to the 'affordable housing crisis' in Australia. 'Crisis' may be a loaded word but I use it freely now, as it is being widely adopted by the Australian media, political parties, housing institutions and academics.By discussing the alleged property bubble, we rely too much on speculation, from…[Read more]

http://bubblepedia.net.au/

And just to add one more article for now, I think this is a more thorough piece than the supply and demand article above (although I did like the cornflakes comparison), the reader comments are worth reading too: http://seekingalpha.com/article/227083-the-great-australian-housing-bubble "The data, therefore, strongly suggests that the Australian…[Read more]

I agree about a lack of manufacturing will come back to haunt us. As will selling off our assets and companies, our fossil fuels, 50% of our new properties, as will farming out our basic services.  But on the issue of houses, I suggest you read the ‘Demographia International Housing Affordability Survey: 2011’ (htt…[Read more]

Here is a link to the full ‘Demographia International Housing Affordability Survey: 2011’ for those interested: http://www.demographia.com/dhi.pdf