[mike_nofx]

I think with the Rent Vs Buy debate people need to look longer term.

Renters will say "You pay $800 per week mortgage while I can live in the same house for $550 per week rent", well yes thats true for today. But what will rent prices be in 10 years? 20 years? 30 years?

"The best predictor of future behaviour is past behaviour"

For any long term renters, what were you paying for rent 20 years ago? What was the average weekly mortgage repayment?

Also, all those waiting for a bubble burst are dreaming. Prices of desirable locations (don't link me to some s#%&hole in the middle of nowhere that dropped massively) will never 'burst'. The likely scenario is house prices will stall, or at best drop by 10% (after they have already doubled or tripled). If you think those $2m Sydney houses will "burst" down to $750k, sorry, you can dream on.