The high transaction costs (stamp duty, legal fees etc) associated with property combined with a transient population which moves around more frequently than ever before will, in my view, almost certainly lead to lower ownership rates. In the future, I expect there will be more people like myself who rent their place of residence yet also own investment properties.
While we may dislike high prices and high costs of living, markets will ultimately find their own level, and individually our we need to ensure that we keep our own financial houses in order, whether we are owners or renters - or both.
Today I live in East Timor where 70% of dwellings and infrastructure were torched or destroyed during the disorderly and brutal military retreat of 1999.
During 24 years of occupation the UN concluded that the country had experienced some of the most shocking and depressing events even imaginable and a deplorable genocide.
After tens of thousands were yet again displaced in the East Timorese uprisings of 2006, the fortunate refugees have now again found shacks to live in. Some own houses but land disputes and now compulsory acquisitions are common. Civil unrest continues sporadically but foreign troops have again been withdrawn and we hope and pray to see no further violence in 2013, and that we have a year of peace.