Very rarely do house prices go up in a vacuum. Your house went up but so did the one you want to upgrade to. So it's $1m mortgage now for a basic house in a less than desirable suburb, which is very common now for the median home in Sydney.
People seem to think they will downsize and cash out their gains, but very few do. Australian cities are at a minimum 1000km apart, if you actually want a good price differential you are going to Perth, that's over 5000km away (NY to London) so you are a long way away from any friends and family you might have.
People seem to think they will downsize and cash out their gains, but very few do. Australian cities are at a minimum 1000km apart, if you actually want a good price differential you are going to Perth, that's over 5000km away (NY to London) so you are a long way away from any friends and family you might have.