for past generations buying one's own house to live in was a sound decision.is it true now also? for australia

Answer 1

Yes. If you pay a landlord rent, you're giving him money. If you're paying a mortgage payment, you're paying mortgage interest (which in the USA is tax deductible) and you're investing money in your home. Someday when your mortgage is paid off you will own a home and then it's yours - you can sell it, buy a smaller home and maybe a boat or something, whatever. Basically owning a home is investing. If you rent, at the end of 30 years you've got nothing to show for it.

Answer 2

Give it a few years. The way I hear it, house prices in Australia are very high right now.