Institutionalised exploitation – class warfare – infuriates me
An un-named writer penned a delightful upbeat article on their website based on research called the Housing Affordability Sentiment Index that realestate.com.au commissioned from mccrindle research.
‘Gen Y optimistic about housing future’
Our Housing Affordability Sentiment Index (HASI) report reveals that Generation Y are the most positive about housing affordability in Australia
Commissioned by realestate.com.au, the HASI report has found Gen Y are the most optimistic about housing affordability in Australia, with an index of 4.6 on the HASI scale.
Compared to the other generations, Gen Y are also the most optimistic about their financial futures, reporting the most significant demographic increase in household savings and income.
Despite facing a more fluid work environment (changing jobs more often, working at home or independently) that can in turn lead to fewer savings and less capacity to plan long term, younger Australians are confident they’ll attain their housing goals.
And they’re going about it in new ways.
A significant 72% of Gen Y respondents said they would consider purchasing a property with a friend or family member in order to enter the property market.
This is compared with less than 50% amongst other generations.
Critically, sharing as a pathway to purchase isn’t necessarily viewed as a compromise, but part of a change in attitudes toward property and ownership.
Collaborative consumption is a rising trend in Australia, and young people are particularly at home with a sharing economy that helps everybody win more in the long term.
Having watched their parents market unravel in the last five years thanks to the global financial crisis, Gen Y are going their own way, keen not to repeat the mistakes of the past, and innovating new ways to get what they want.
Older Australians were the most concerned overall about affordability and access.
This is vile social engineering – manipulating innocent young adults locked out of property ownership by high land prices to regard buying property collectively as a culturally acceptable and financially appropriate option. It isn’t. These arrangements are notoriously unstable and destroy friendships. All partners are fully liable for all the debt should one fall short. And thin internal walls guarantee you will learn far too much about the private lives of the others.
So, the great and good are trying to convince Gen Y to co-own, just to squeeze a little more capitalization, a little more debt, our of this bone-dry market.
But wait! There’s free steak knives too!
That nasty, manipulative suggestion claims to be drawn from the mccrindle survey. An astute reader (thanks, Andy) has kindly sent me a copy. The report is, in fact, a soundly based and reasonably accurate snapshot of housing affordability in May 2011. There are, after all, practical limits to how far mccrindle research could sweeten findings and remain a member of the Australian Market & Social Research Society.
mccrindle’s Housing Affordability Thermometer sums the research up:
Rather than the sun-lit uplands of long wind-blown grasses suggested in realestate.com.au, the mccrindle research indexes all major states as having ‘Poor Affordability’. The outlier, by mccrindle’s measure, is Gen Y who somehow enjoy ‘Marginal Affordability’.
I will give everyone a moment to restore composure after inhaling the coffee you were foolishly drinking while reading this filth.
Gen Y are triple-burdened with education debt, compulsory superannuation and chronic job insecurity. Scratching together a deposit in any way proportionate to house prices is a herculean task. Many have simply abandoned home ownership as a life objective and regard themselves as economic failures.
Men and women of Australia! You are being lied to. The scale of this deceit is breathtaking. This material is part of a deliberate and concerted plan to capture your entire life’s free cash flow and thereby impoverish you forever.
Workers trapped by towering mortgages are very compliant employees. They work like Trojans, accept any humiliation, in desperate pursuit of pay rises to outgrow their poverty.
I love my fellow citizens and this institutionalised exploitation – class warfare – infuriates me. My gentle and honest advice: Don’t Buy Now!