Be Ready To Pay 12 Million Dollar For A Home, You Unborn Ones
In some 70 years from now, a prospective homeowner may have to fork out $12 million to purchase a new home, writes Michael Yardney for the Property Update.
Properties valued at $12 million
At a time when a piece of loaf will most likely cost in excess of $30, 12 million dollar for a home won’t seem like a seller’s dream project. It will be more in tune with the average price then. Yardney says the exorbitant figure is adjusted for inflation, just to get a better perspective of those times.
Exploits of medical science
He also takes us through the fantasy element of such time-travel, ruminating over the fine achievements of biotechnology or medical science. Who would not want to live in an age of foolproof artificial organs and bionic eyes, Mr. Yardney?
You can read the original article here.
Real value growth vis-a-vis nominal value growth
In my opinion, the property market will have gone through various phases of booms and busts by then and average household income will have shot to at least 20 times their present values. Thus, we will need to work out the huge (really huge) difference between nominal value growth and real value growth of properties.
A few months ago I had myself ventured into some wishful thinking, taking cue from an article on the Sydney Morning Herald (What will Sydney be like in 2050?).
I had then prophesied that Sydney will have become the cynosure of Asia Pacific by 2050. By 2083 (the timeline Yardney talks about), Sydney might well have become the global centre of real estate).
Population surge will be backed by higher life expectancy
I however have my best fears reserved for Sydney’s population. By 2050 it will have risen to 7.5 million, proposing a chronic shortage of space in middle and inner rings. The population will partly be related to higher life expectancy, a direct result of superior skills of medical science then.
Do you have some prophesy in mind for time zone 2050-2080?