Australian Home Buyer Strike Campaign – “First home buyers have been duped into entering the bottom rung of a nationwide property ponzi scheme.”

For the chronological record, we note this action here, and also note that this is being discussed on Vancouver and other Canadian RE blogs. For an account, see ‘The homebuyer strikes back’, abc.net.au, 31 Mar 2011. [Hat-tip Don.]
Excerpt:
“The housing market has spiralled off into ridiculous pricing that nobody can possibly afford, and it gets to the point where if nobody can afford it the prices must change,” he added. Mr Collyer says first home buyers have been duped into entering the bottom rung of a nationwide property ponzi scheme. “The first home buyers are the greater fools of the real estate market – that is, the entire edifice of land prices in particular depends upon this constant influx of new first home buyers naively entering into outer suburbs, into lower-priced housing to boost the price of everybody else’s housing up the chain,” he explained. “Now, when you remove that first stage of real estate pricing, the whole edifice collapses – it’s the end of the game.”

While we agree with the sentiment, we don’t believe that campaigns like these have a high chance of working directly. They do, however, spread the word, educating more people about the nature of the bubble, and that is a good thing. “Hey, I don’t HAVE to buy!”; “Hey, if I try to sell, there may not be a buyer!”
Simply seeing ‘Housing’ and ‘Ponzi Scheme’ in the same sentence in the national media is noteworthy enough. We haven’t seen that yet in Canada, to the best of our knowledge. – vreaa

11 responses to “Australian Home Buyer Strike Campaign – “First home buyers have been duped into entering the bottom rung of a nationwide property ponzi scheme.”

  1. Polly Pollyanna

    re: not yet seeing ‘ponzi scheme’ and ‘housing’ in the same sentence in the Canadian national media ..

    … and we won’t be seeing those two words anywhere near each other in the near future. ask people what Ponzi means and they’ll think it’s a new kind of Italian leather.

    • Or a new condo project.

      “Available in 2012, the Ponzi. A new exclusive luxury sky home development which will make you the envy of your friends.”

      • Polly Pollyanna

        my favorite is a place called the Jasmine at Cassiar and Hastings .. i’ve forgotten the slogan but it was something just horrendous like “GET THE LIFE”

        …yeah… get “the life” next to the Cassiar connector and the TransCanada… where’s the rolling eyes emoticon?

  2. Doctor, “What seems to be the problem?”

    Patient, “Doc, I’ve got the farts. I mean I fart all the time,”

    The Doctor nods, “Hmm.”

    Patient, “My farts do not stink and you can’t hear them. It’s just that I fart all the time. Look, we’ve been talking here for about 10 minutes and I’ve farted five times. You didn’t hear them and you don’t smell them, do you?”
    “Hmm,” says the Doctor,

    He picks up his pad and writes out a prescription.

    The patient is thrilled “Great doc. This prescription, will it really clear up my farts?”

    “No,” sighs the Doctor, “The prescription is to clear your sinuses. Next week I want you back here for a hearing test.”

  3. Did anyone else see this? http://goo.gl/uLa7H

    Robertson wants to build an underwater bike tunnel for 420 million.

    • Well, despite the date on the story, this _is_ Mr. Happy Planet we’re talking about here, so they’ll probably be breaking ground for this on Monday….

      • Polly Pollyanna

        lol.. 420

        could you imagine a tunnel like that? talk about a crack den..

      • Polly, I can’t believe I didn’t spot that. But yes, giant bong and all that.

      • “If you bore a tunnel correctly, with love and foresight, its allure is too great to resist.” – McElroy

        “It is necessary to go deep down and get immersed with the reality…” – Chinese President Hu Jintao

        [ChinaDaily] – Hu urges CPC members to excel in promoting social harmony

        http://tinyurl.com/3om2dbh

  4. It is really a great site. And this is a great advice for all who are thinking about these.

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