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Just *amazing!* It really is. We are being price-gouged in a really big way.
ReplyDeleteI think Aussies are paying "through the nose" too. I would guess that in Aussie, this house would be $AUS500K+.
That's pretty expensive for Texas actually. You can get something decent in San Antonio for half that. For example: http://www.zillow.com/homedetails/9-Even-Post-Pl-San-Antonio-TX-78238/60081441_zpid/
ReplyDeletePeter, if you really want to understand why the properties are so expansive here, read: http://www.foldvary.net/works/geoaus.html
ReplyDeleteThe bottom line is that with or without credit expansion you would still have property bubbles in a situation where there is no tax on the unearned income from land.