I think $1 million will still buy an average house in 15 years. ;) It's also enough to fund a startup. I'm not trying to be rich so that I could live a luxurious life or anything, just so I have a war chest to "do stuff" with.
$1 million will buy you a house, but not anywhere close to the city. You'll be stuck out at Craigeburn, Noble Park etc. With Australia's population boom, the surge will be in apartments, units and townhouses. "Houses" will become a commodity. As is, a lot of people are selling up for developers to drop their house and build 3 or 4 townhouses on their blocks. The almighty dollar...
I've been trying to buy these last few weekends and will be trying again this weekend. A mortgage at 21? We are crazy.
It probably will, but don't discount the power of inflation.
Maybe it's time for your country to experience inflation at last - it's been mostly immune because it's the world currency, but your government has been spending like mad. (sorry, was thinking about the US, but I guess it applies to Australia too !!)
I've seen HUGE inflation rates in my country, so while I also think a million will still be a lot of money in 15 years, it's not a foolproof bet.
That said, the spirit of the question is understood (it's not about an arbitrary sum of money, it's about being wealthy enough to pursue other things).
While there's been some noise from the opposition about government spending in Australia, the problem isn't nearly as bad as in the US. (And I say that as no fan of the Rudd government.)
That's the thing. You don't need $1M to fund a startup. Even one that ends up making millions for you, or that can be acquired. Try not to let the money act as an excuse for not starting. (I know, it's hard! :)
You can actually start the life you want at 35, now.
