Interesting article in Sep 29 Sydney Domain about confidence of boom buyers who apparently have no regrets about buying post 2000. According to Wizard Home Loans, 93% of buyers who purchased after this year would do it all again. Link to full article here: http://www.domain.com.au/Public/Article.aspx?id=1159337316717&index=NationalIndex
I suppose if you take a loooooong term view then that perhaps makes sense. Still, paying too much just puts you so far behind to begin with it is to be avoided at all costs !
I'm also sure that part of the reason so many people agreed that they didn't make a poor choice was the old pride issue. Not many of us like to admit that we make mistakes from time to time, especially when it involves money.