It is economically irresponsible to expect young adults to commit to thirty years of heavy debt merely to get on to the first rung of home ownership.
The current price of land is grossly overvalued compared to take-home earnings.
Compounding this, Australia is in the grip of a housing Ponzi scheme similar to that which brought the northern hemisphere to their knees.
I undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have in all the countries we compare ourselves to.
I will use this time to save a larger deposit to free myself earlier from mortgage finance and gain my economic independence.