Being of the baby boomer cohort which often seems to get its jollies attending auctions and clapping those purchasers who pay a record, or near record, price for their home, I sometimes feel like a trout swimming upstream, or a Canute telling the waves to recede.
But then I’m reminded of colleagues here and abroad who are fighting the good fight, and of the many X and Y gen they’ve influenced to see the theft the rentier class is employing to enrich itsef at society’s expense.
Clearly, baby boomers do get a warm inner glow as they witness their property prices increase, but they’re oblivious to the vast collateral damage land price bubbles wreak upon the wider community when they burst.
They little realise the real estate market must self-correct from this incredible bubble.
To the question: “If escalating land prices are a natural supply/demand phenomenon, surely future generations of Australians will be priced out of the market?” baby boomers respond that their children will inherit their property assets, so they’ll be OK. But will they? Will their kids continue to have jobs as society disintegrates as the financial collapse worsens? Will they continue to carry excessive debt, even with their inheritance-to-be?
Unfortunately, it’s a big ask to get boomers to see the perversity of applauding high real estate auction results. How to get them to see the economy can’t withstand the ongoing assault of taxation and high land prices?
That’s the $64 trillion dollar question.
Maybe boomers are too far gone, and X and Y gens are the hope of the side?