A social media campaign to boycott buying property until prices fall 'to an affordable level' is rapidly gathering speed.
The campaign, launched by land tax reform group Prosper Australia, calls for prospective buyers to sign a pledge not to "bid at auction or negotiate by private treaty to buy real estate until prices moderate". The group argues that prices are significantly overvalued and that Australia is in the grip of a housing 'Ponzi scheme'.
"Two secure jobs and a good deposit are no longer enough to buy a home. Buyers must make a life-long vow of poverty as well. It is irresponsible to expect such a sacrifice,"said campaign spokesperson David Collyer. "first home buyers are priced out of the market by a national hysteria to invest in property. Without FHBs, second home buyers cannot trade up. The whole juggernaut grids to a halt."
The campaign is currently one of the most popular campaign ideas on activist website GetUp, with over 5,600 people voting for the idea – although it has not been formally endorsed by the organisation. However, two-thirds of respondents to an online poll carried out by the Sydney Morning Herald believe that the campaign will come to nothing as underlying demand would easily outweigh any pullback by buyers.
Other campaign ideas listed on the GetUp site include abolishing negative gearing and the First Home Owner's Grant.
What do you think? Is the 'buyer's strike' a good idea, or a crackpot crusade? Will it impact the market? Let us know at www.yourinvestmentpropertymag.com.au/forum.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out