Don’t Buy Now! Prosper.org.au has initiated a social media campaign to encourage house buyers to abstain from bidding at auctions due to bloated house prices in Australia
The Total Abstainer’s Pledge
It is economically irresponsible to expect young adults to commit to thirty years of heavy debt merely to get on to the first rung of home ownership. The current price of Australian real estate grossly overvalues land relative to take-home wages and salaries. Compounding this, Australia is in the grip of a housing Ponzi scheme, similar to that which has brought northern hemisphere economies to their knees. 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.
It’s up on GetUp the activism social network.
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