1- Island mentality/isolation means they have no idea what’s it like elsewhere.
2- Stupid media/propaganda
3- They compare it to ”before” mostly
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Property costs are outrageous by any metric especially compared to the quality of what you get, but that said as long as people are willing to pay it, it’s not overpriced.
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Yip, living in a 300 year old piggery converted Grade II listing has really opened my eyes on this. It will likely be here 300 years from now whereas new builds and the shoddier workmanship these days.
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Truer words, rarely spoken! Only issue I think people have with the people here willing to pay for it is: corruption of wealth, unfair circumstances (eg. Government employees having really unfair borrowing advantages) and much of the prices we see now are based on speculative investment, not actual primary residence. Never mind foreign investment (eg. China).
It’s a complex issue. The only thing most people agree on is it’s fucked up and getting worse fast.
Their is a ceiling, they said. They said that back when an acre cost $500,000nt. Or whatever. Same on repeat. It’s always going to go up until it doesn’t. No one is stopping now. if anything, everyone is ramping up.
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Very true.
This statement is always true until it isn’t but it’s impossible to know if that’s next week or next century.