What he said makes zero sense. Of course a more desirable area is going to appreciate faster. He’s acting like he should be able to trade his less desirable property for a more desirable one 1:1.
They bought a starter home for say 100k which is now 200k. But the family home they now want tripled in the same time from 200k to 600k. So even though they now have 100k more, they need 400k more for their desired house, while only 200k before (Numbers obvioulsy chosen randomly)
This still doesn't make sense because why would only homes on the low-end appreciate? If anything homes on the high-end should be appreciating faster because the people who live in them can afford to do more improvements.
Rising prices are great for people who want to downsize and terrible for people who want to upsize. Many millennials are “better off” than their peers having bought an apartment but can’t afford to move to a modest family home. The traditional housing ladder no longer applies.
