Wednesday, October 21, 2009

Median house price hits $480,000

http://www.theage.com.au/business/median-house-price-hits-480000-20091023-hdfz.html
Value is constantly changing, it manages to rise and fall and give an indication of a society's situation. Different aspects of Value change more frequently than others, with real estate being near the top of the list. "Property Boom", "Slumps" show how the realty market goes through periods of extreme highs, steady growth and of course, rapid drops. Houses are for most people the most "valuable (money wise)" thing that people own, which has remained constant for generations. The article explains that one of the reasons for the rise is the increased demand and insufficient supply, which causes prices to rise of other commodities such as oil. It is logical, when things are no longer abundant, their value increases. This is why the rarer something is or becomes usually has a higher money value than something that is readily available. When it comes down to it, people want rarity, they want to be in an exclusive group. They aren't sure how long it will last, but they want to be a part of it. So value is always changing, as it what is valuable, but not the desire to have something that you don't have, that, unlike many other things, remains constant.

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