Aussie First Home Buyers go on Strike!

TKline

This week we have some very big news in Australia that I thought you all might be interested in discussing.

More and more Australians are giving up on overpriced housing in their home country and buying overseas. It's no surprise Aussies are buying real estate overseas. In America, UK, Ireland, and Spain - house prices have fallen back to more sensible levels.

The level of public dissatisfaction with Australia's housing market became abundantly clear today, to myself and thousands of other Australians.

Recent campaigns by renowned advocate group "Get Up!" are championing a First Home Buyer's Strike and also calling for an end to the negative gearing tax break used by many property investors. The campaigns are gaining a huge amount of publicity in the media:

Online campaign targets high cost of housing

Real estate in Australia has exceeded all sensible valuation criteria and we now have some of the most unaffordable homes on the planet according to Demographia, The Economist, and many other respected organisations.

Also gaining much public attention recently is the Get Up campaign support thread and discussion on the Australian Property Forum with literally thousands of hits in a few days:

Get Up! Campaign Thread on AustralianPropertyForum.com

If these campaigns works as the organisers plan, property values may reduce to more sensible levels whereby decent hardworking Australian families can once again afford a reasonable home.

Here are the links to the original campaigns where thousands of people are casting their votes at an ever accelerating pace:

Get Up! Campaign to End Negative Gearing

Get Up! Campaign calling for First Home Buyer strike

If the bottom rung (FHBs) are taken out then the whole property ladder pyramid scheme may collapse. However, the GetUp Administrator has unfortunately suggested that it is very unlikely they will even accept these campaigns, as explained here:

Get Up Administrator suggests campaign may be shelved

Now, whether or not the public believe these campaigns are a good idea or a bad idea, there is no denying the huge level of public interest. The discussion has gone viral across the country on Twitter and other social media sites.

It is important that all property investors and owners consider the impact such a campaign could have on Australian property values.

The public have spoken, and if nothing else, these campaigns will surely be influencing future political decisions about the housing market in Australia.

This has been an important event in the history of the Australian housing bubble.

Thanks,

Tom Kline.

The_Conductor

Guys- just to clarify- I have moved this thread here. Feel free to debate it at will.

The_Conductor

Tom-

I'm not sure if you've actually read the Economist global residential housing survey (from about a month ago). By that measure- Irish property is still at least 18.6% above where fundamentals justify (and the outlook is negative, given the increases in interest rates on the horizon). This trumps their measure of unaffordability in the Australian market (where some urban areas in less desireable locations (aka no Goldcoast locations) are actually under valued by fundamental measurements.

Personally, I actually laughed when I saw your suggestion that Australian property buyers might be considering purchasing residential property here. Good luck to them if they are- its going to be a rocky road.......