Another factor people miss is that the place you buy might be much worse than a place you could rent. Atm I share a rented place with others, but it's in a great location - walkable distance to Melbourne's CBD. I pay $250 per week for a good size room and the house is worth at least $1.5M.

If I were to go buy a place in the current market I could only afford a place perhaps around $850k at most. I'd have to move away from the city and wouldn't be close to all the trendy bars and restaurants. I'd also be stuck having to work to pay my mortgage.

Instead, I've taken up part time work, quit my job and work on building my own business full time.

For my situation it makes zero sense to own a home.