How Australians are eating our future, one home auction at a time

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It did not take long for the complaints to start.

Minutes after stories appeared last week that house values and prices were falling in Sydney and Melbourne, catastrophising about this “bad news” began in earnest.

Property owners flooded comments sections to bemoan the drop that amounted to $7000 off the $1.6 million median house price in Sydney.

One news outlet complained that Melbourne had lost its “status” as a member of the $1 million club.

No one should be happy to be a member of that particular club.

Welcome to the disaster that is the Australian Ponzi property market.

We all know that housing is way too expensive – every one of the nation’s capital cities is ranked among the 20 least affordable cities in the world.

Demographers believe one of the reasons for falling fertility rates (and the delay in couples starting families) is high-cost housing.

As a society, we are eating our future generations while scrolling through our favourite Insta real estate influencers as they highlight the best Italian splashbacks.

The Boomer landlords: the charts that show how the over-60s control the rental market

And whenever there’s even a sign that prices may be correcting, there are those (who own a home) warning it’s the end of days.

Australians have gone from believing that housing was shelter to thinking it was an investment opportunity.

John Howard hit the........

© Brisbane Times