Is it possible this will backfire on the organizers???
In the online poll, nearly 70% of people say this campaign is pointless and the underlying demand would easily outweigh any pullback by buyers. Only 20% of people think it will do any good
The comments on the SMH article are 70% bullish I'd say, so this campaign has given fuel to the spruikers to spam the internet with rubbish about property always going up as usual
I'm afraid this will turn round to bite "Bullion Baron" on the bum, in the same way Steve Keen shot himself in the foot by harping on about a 40 percent crash only to see the govt respond to him by overloading the market with stimulus and causing another boom!
Please please please leave the market alone, bears and bulls alike! Interfering in the market can backfire on you!!!
oh wow! what a coincidence! about the same percentage of people who OWN THEIR OWN HOME!!!
what a shock they don't support lower prices!
honestly... its like asking liberal supporters if they support the mining tax, then being SHOCKED! to find that most of them don't...
in all honesty, I'd say slightly LESS than the proportion of people who own homes, disagree with the idea... hence there are those who own homes who still agree.
checkout the comments to get a better idea of what more mainstream Australia thinks about house prices...
did you know it's all about supply and demand!???!?
my favourites are all the ones (and there are many) that go "good! that just means I, as an investor won't have competition at the Auction!!"
... what, exactly is your point??? are you saying you are going to bid above market value... just for the fun of it??? surely if you are the ONLY one interested... you will get it for a 'bargain' meaning a lower price... meaning prices go down... i.e.... THE GOAL OF THE STRIKE!
What I thought interesting was the apparent sense of entitlement on the part of some of those who were obviously investors.
Here are a cohort of people whose decision to invest is supported (for many) by the tax system, who intend to make maximum capital gains by offloading their debt plus their own margin onto the next buyer, and who are angry and derisive of people who only want affordable housing.
Depending on how you veiw the monetary system, you might say that non-investment property owners already pay to help minimise the losses of negatively geared investors. The investor then capitalizes on those same people further by transferring their debt to them, plus claiming a margin.
Some of the commentors appeared fairly upset that others might not want to go on paying for their gains forever. A bit of an unfortunate attitude since no one held a gun to their head and forced them to go heavily into debt to buy houses they didn't need just so they could sell to someone down the track at a higher price.
What I thought interesting was the apparent sense of entitlement on the part of some of those who were obviously investors.
Here are a cohort of people whose decision to invest is supported (for many) by the tax system, who intend to make maximum capital gains by offloading their debt plus their own margin onto the next buyer, and who are angry and derisive of people who only want affordable housing.
Depending on how you veiw the monetary system, you might say that non-investment property owners already pay to help minimise the losses of negatively geared investors. The investor then capitalizes on those same people further by transferring their debt to them, plus claiming a margin.
Some of the commentors appeared fairly upset that others might not want to go on paying for their gains forever. A bit of an unfortunate attitude since no one held a gun to their head and forced them to go heavily into debt to buy houses they didn't need just so they could sell to someone down the track at a higher price.
well it's now on the front page of SMH website...
Here Althout it will probably get pushed back soon enough.
Online campaign targets high cost of housing Chris Zappone March 30, 2011 - 11:24AM
Comments 486 Vote
Buyers strike goes viral
Prosper Australia has ignited a small but growing online push calling for a 'buyers' strike' to protest against the high cost of housing. Video feedback Video settings
It's the sort of social media campaign that sends shivers through people trying to sell their houses in a flat property market.
Prosper Australia, a little-known group that supports tax reform on land, has ignited a small but growing online push calling for a "buyers' strike" to protest against the high cost of housing. Ritzy Melbourne suburbs post big price drops Saul Eslake on negative gearing
“I undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have in all the countries we compare ourselves to,” the Prosper pledge states on its website. Advertisement: Story continues below
The campaign has jumped to the top of the list of potential campaign ideas on the online activist site GetUp with hundreds of votes added each day over the past week, outpacing support for same-sex marriage and calls for the Australian government not to bow to pressure to outlaw WikiLeaks. It's also bobbing up on Twitter and in other online forums.
Commentators at home and abroad have long questioned the sustainability of Australia's home price increases. Australia is the most overvalued housing market among countries surveyed by The Economist magazine, which calculated that they are 56 per cent over-priced.
Australian home prices have increased 77 per cent from December 2002 to the end of 2010 on the Australian Bureau of Statistics capital city house price index. In February the national city house price stood at $465,000, according to RP Data - between four and seven times median household income, depending on the source.
Utility queried
The Real Estate Institute of Victoria, a property industry group, said it shared concerns about the cost of housing but questioned the utility of a buyers' strike.
“People are right to be concerned about affordability problems,” said REIV spokesman Robert Larocca. “Whilst we share everyone's concern about affordability problems, it's a misguided and short-sighted way of trying to deal with it.”
Mr Larocca said that housing affordability had suffered in Melbourne's case because new home construction had failed to keep up with a doubling of the city's population growth in the second half of last decade.
Others, though, lay the blame of rising house prices elsewhere, citing excessive land regulation, speculation by builders, negative gearing and ease of access to loans for driving up costs to unaffordable levels.
'Irresponsible'
Calling it “economically irresponsible” for young adults to be expected to spend 30 years under heavy debt to achieve home ownership, the Prosper strike pledge requires adherents to hold off on auctions or private treaties until prices come down.
Online support for the pledge began after a blogger from the site Bullion Baron added the suggestion to GetUp's campaign idea list. It has since shot up to the number one spot in two weeks, with 3728 votes as of this morning. The system allows users as many as three votes for the same cause.
“It has been very surprising,” said an Adelaide-based blogger running Bullion Baron, who gave his name only as Joseph. “I think the quick move highlights just how important the housing affordability issue is to young Australians.”
GetUp doesn't automatically pursue any suggestion that receives many votes, it said, but popular causes on its forum often prompt a wider response from the left-leaning organisation.
Another campaign idea on GetUp's forum would abolish negative gearing.
Just because an idea gets a lot of votes on here, doesn't automatically mean it will become a GetUp campaign. You may find this blog on campaign selection helpful: http://blog.getup.org.au/2010/11/16/261/
There are 3 things in particular to remember.
1. A potential campaign has to fit into GetUp's campaigning platforms - social justice, environmental sustainability, and economic fairness.
2. We don't only need a good campaign which fits our platform, we need a moment.
3. This is a public forum open to everyone, not just GetUp members. We do this so that everyone can have their say, and its a great way to gauge interest in new issues. However, any campaigns we run, have to have the support of our own community, and not just the general public, which is why we don't consider running a campaign unless it has the backing of the GetUp community - we deduce this by running regular sample surveys of the membership. It's very easy for interest groups to rally support from their own members to bump up the number of votes for an idea, which is fine. At the end of the day however, the campaigning priorities of our membership are at the forefront of our campaigning decisions.
lol: "economic fairness" yeh, I think this will fit in there rather nicely... the negative gearing one especially...
as for their membership? well...
as their demographic seems to be young hippies, we might be in with a chance! (doesn't scream home owner to you does it...)
of course the actual 'strike' idea is still unworkable... but I hope they see past that.
EDIT: oh, and as for the 'moment', well thats strait forward, that will be right just before the bubble bursts!
so you guys just give them a definite date on that, and we're set!
yup.. I agree.
The strike is unworkable, but the MSM attention it is getting can not be hurting the GETUP website... and there, right below the strike one is something that has legs and can fit the list of criteria cited..
-ve gearing campaign really is the one that can grow legs... if it gets support.
It sure is, lets hope some of the potential FHBs take the advice and go on strike so rents go up while house prices at the budget end of the market decline or at least stop going up to help investors return to the property market. :beer:
It sure is, lets hope some of the potential FHBs take the advice and go on strike so rents go up while house prices at the budget end of the market decline or at least stop going up to help investors return to the property market. :beer:
yes, lets hope..
and then lets hope the -ve gearing GETUP campaign grows legs eh York ? :beer:
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