Let the Australian real estate market go bust!
I’m a twenty something year old male without kids. I just missed the boat for generation X and was too premature to be classified as whiny dependant generation Y. I sit somewhere in those awkward first few years of the 80s before the decade had culturally identified itself.
Thousands like me have never experienced affordable inner city housing. Our parents aren’t rich so we can’t just mooch around waiting for them to die so we can inherit their riches. We live out of home renting, silently waiting for the decades long property market bubble to burst and when it inevitably does, bring housing prices crashing down to realistic levels.
Sure we could buy something out in the boondocks but a single male living in a street of “working families” is a sure fire way to raise suspicions and quickly alienate yourself.
No, instead we sit poised and ready to strike upon the financially naive. Those whom have borrowed up to their eyeballs in debt to secure their piece of overinflated priced heaven with absolutely no financial backup plans.
It may sound harsh but there’s a whole inbetween generation like me out there ready to enter the property market as soon as those that can’t afford to be there, or that have abysmally managed their funds are forced out and the market is invariably flooded with cheap abandoned housing.
Meanwhile the government seems hell bent on prolonging the agonising death of the five bedroom McMansion working family estate.
As a renter I was disgusted to read of the government’s, or should I say the banks’, recent announcement to reduce people’s mortgages so they just pay the interest difference for up to 12 months.
If I lost my job tomorrow nobody is paying my rent or giving me any reprieve. I’d be forced to make ends meet with $50-$60 of rent assistance I’d get and paying the rest out of the meager $550 a fortnight reward for joining the unemployment queue at Centrelink.
God help me if I have actually been smart with my money and amassed more then $2000 in emergency savings, the government will then force me to dip into this and put any Newstart welfare payments on hold for up to 3 months.
Meanwhile Mr. and Mrs. financially five kids on a single income living in a house that cost over ten times their yearly salary are being propped up and told it’s all going to be ok.
As if the blatant discrimination and reward for stuffing up your finances wasn’t already enough, today we then get to hear about how those who took out a mortgage with a fixed high interest rate, (when the property market was booming and it was a stupid time to buy), are demanding that banks waive the fee so they can hop onto a much lower variable interest rate.
Seriously, just who the hell do these people think they are?
‘Hello my name is mr idiot, i bought a house when prices were at record highs and interest rates were massive. Now that the economy has turned I want all the benefits of a lower interest rate with none of the financial risk or responsibility.’
Nobody cries to the government when the property market is making them money, but oh no if you start potentially losing money then it’s every tom, dick and harry taxpayer’s job to bail you out. Damn it take some responsibility for your bad decisions people. If you can’t afford to own a house then GET OUT OF THE BLOODY MARKET ALREADY.
Hey government, how about you throw my generation a life line and let the housing market finally collapse. It’s going to happen anyway so wouldn’t it make more sense to get it over with rather then continuing to prolong the painful inevitable?
How quickly we seem to forget that morons borrowing what they couldn’t afford to buy housing is what got us into this global mess in the first place.
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