Well, pity the first home buyer. According to the ANZ bank, housing prices are set to soar again due to pent up demand:
The ANZ's senior economist, Paul Braddick, said yesterday that Australia faced a critical and potentially chronic shortage of housing.
"A growing housing shortage is setting the scene for the mother of all housing booms," Mr Braddick said.
"Demand has accelerated and rising immigration, both permanent and temporary, shows no sign of abating".
There will be cultural changes as a result of this. Parents and grandparents will have to play more of a role in purchasing housing for younger people, as happens in some Asian countries with high property prices. It will be more difficult for young people to establish financial independence early in life; it will also be more difficult for women to choose to devote a part of their life to raising young children at home.
We're also more likely to get low quality housing options:
A radical plan to solve Victoria's affordability crisis by putting shipping containers in caravan parks has infuriated social welfare groups.
Macroplan Australia managing director and prominent urban planner Brian Haratsis said shipping containers could be located on public land or in caravan parks ...
"There will be a lot of talk about trailer trash, but people don't seem to understand there are others who simply can't afford accommodation ..."
This follows on from earlier news about overseas students being crammed into Melbourne share houses. In one case a Nepalese landlord stacked 48 overseas students into a single Melbourne home:
A millionaire landlord has been stacking up to 48 Nepalese students in a single house in northern Melbourne and dozens in two other rundown properties, say council investigators.
In today's Age, writer Lea McInerney describes the difficulty of finding a flat to rent:
Constant, fruitless searching in this high-pressure rental market is crazing me ... I behave obsequiously toward agents ... They get to decide how long my life stays on hold. One day I'm sitting in a park, feeling glum ... A friend rings and I burst into tears, not sure I can go on ... The lowest number of people I count inspecting a flat was 11; at the busiest one, a quirky two-storey place, I stopped counting at 60 ... One agent I came across, from the kindly camp, said: "Don't take it personally; it's a nightmare for everyone."