MULTI-GENERATIONAL ENSLAVEMENT?
“When we talk about houses being dear and our children not being able to buy, the answer is very simple.
The parents are very happy that the prices are dear because they have all made money.
And the children? Where were they when the prices were depressed? I didn’t see any children wanting to buy anything at all.
Now that the prices have gone up they want to buy. I am very happy that they want to buy. I want them to buy.
And I agree it’s difficult. So parents have to help.
I am glad to say that they are helping, but they have to help more.
That is how the Chinese do it; all the family chips in. My Chinese buyers are 20 to 25-year-olds without much money, who are helped by the family. We should do the same.”
- Harry Triguboff, Australian Financial Review, 3 September 2014
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Yes, because there’s nothing like losing your house because your children couldn’t make the mortgage repayments.