Of course anyone who didnt buy 4 years ago should kill themselves now. I bought 3 years ago, my property is up 35% (over $2m increase), and I am locked in on one of those fantastic H+0.7% mortgage rates (total interest rate 1%) that means of my $23k monthly repayment only $3.5k is interest and the rest is principle reduction.
$3.5k monthly interest expense (plus other incidentals such as $2k management fee, etc) vs $30k for rent (that would be the approximate figure to rent my apartment). This is essentially what it boils down to.
Now its possible prices are going to come down a bit. Maybe they will, maybe they wont. But they are going to have to crash drastically (like over 40%) for me to really care in the slightest.
I dont really want to brag, anybody who bought 3-5 years ago will be in exactly the same position. But just to be absolutely certain crystal clear, if you had an option to buy 3-5 years ago and did not, it was one of the biggest mistakes of your life.
Now the question for me is whether I should sell or not? I dont want to give up the 1% loan I have now, thats probably the biggest reason holding me back.