Don’t Buy Now! 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.

social media campaign with Prosper

This activating of social networks is interesting – there is some poorly thought out attacks e.g. Buyer’s Strike Irresponsible.

Some commentators have described Prosper Australia’s Buyers Strike as “irresponsible” because it threatens to disrupt the orderly market in real estate.

which doesn’t actually link to or name the “some commentators”. Debate in the blogosphere is distributed – by not linking to the other side of the argument it comes across as fake, or a device to woo the reader unfairly. But, all up, a minor annoyance. Though I would like to know if the commentators actually exist, are influential in the real estate industry and/or represent an organisation or personal opinion.

Regulatory affairs will become redundant, unless they learn how to work with online communities. If you think of the hard work that Parent’s Jury does to evaluate food issues for kids, that does to look at phone and broadband plans and so on, regulatory affairs are being done by the community that evaluates then warns and penalises companies that do not meet the community’s ethical expectations. If there is no agency forcing real estate to rein in prices, the social network will become activated and take on that role themselves – and answer their own call to action.