PHOTO:  ‘People who bought six or seven properties on average wages are no longer held up as shining examples of entrepreneurship and admirable derring-do’ Photograph: Torsten Blackwood/AFP/Getty Images

Millennials could be forgiven for feeling smug about the drop in Sydney and Melbourne house prices

For the past decade, there was seemingly one story and one story only to be told about Australia’s property market and it went something like this: a young couple, usually from Sydney or Melbourne, starts saving to buy a house but struggles to keep up with skyrocketing prices.

They attend auction after auction, but are out-bid by baby boomer and overseas investors, who are amassing huge property portfolios to diversify from stocks, or, in some case, simply get rich and retire early.

For the past two decades, give or take the odd correction, it’s been the same tale of rising prices and increasingly locked-out first homebuyers.

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