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this post was submitted on 10 Dec 2023
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Where are you? The article is about Australia. In Sydney, you probably wouldn't have seen the prices you mention since at least the 1980s.
This Australian Property price update might be useful for information purposes. The median Sydney dwelling is AUD$1.1M or about USD$720,000. The median regional dwelling (ie outside of Sydney) is over AUD$700k, so about USD$460,000.
Yes, we are fucked.
Canada, our money has about the same value and median house value in Toronto (our most populous city) is CAD1.1M
656k median house price in Canada as a whole.
The condo I used to own is located about 20 minutes from the downtown area of the country's capital (Ottawa), the whole region has about 1.7m in population, the cottage is about an hour away from there.
What's funny is that when I was telling my younger colleagues to do like I did and use that as a stepping stone to eventually buy something better, the reaction was always the same, no purchase unless it's a single family house... And then they watched from their parents' place/apartment as the market went crazy and they could have made 50k over a couple of years by buying a cheap condo before the pandemic instead of insisting on starting with a house and if that hadn't happened they could have just paid their mortgage and used that as a savings account instead of paying rent...