CLANCY OVERELL | Editor | CONTACT
Younger Australians are once again finally able to enjoy the greatest Aussie comedy movie of all time, as auction clearance rates fall below below 50 per cent in all major cities.
This means that the once very attainable and relatable 'Australian Dream' of home ownership is looking more and more likely for Millennials - many of whom are now in their forties and still renting.
For the first time since the height of the COVID-19 pandemic in April 2020, the weighted average for auction clearance rates is at 47 per cent - as the market adjusts to recent changes to rules around negative gearing and capital gains tax.
And now, for the first time since their idyllic middle class childhoods, Millennials can once again relate to the idea of having a humble family home that villainous corporate big wigs think they can compulsorily acquire... But not without a fight!
Housing Minister Clare O'Neil has attempted to contextualise the recent dip in auction clearance rates in major cities, insisting that Australia's housing market is experiencing a 'correction' that was always going to have to happen after two decades of unsustainable growth in a manipulated property market that had been engineered by multiple Federal Governments to only benefit one specific generation of post-war Australians.
While there are very few Australians that ever want to be seen agreeing with someone who carries the title of 'housing minister' - it's hard to deny the fact that something desperately had to change if the nation was ever going to address the current crisis facing younger and working class Australians who are priced out of both the rental and buyers market in all major cities.
In fact, the only people who would disagree with the fact that the Australian property market needed to face a 'correction' are the real estate agents, mortgage brokers and property developers who made millions out of this ponzi scheme in the years since Howard's tax loopholes were implemented.
Everyone else, including a very small cohort of self-aware property investors, are of the opinion that the gravy train had to end at some point.
Younger Australians now look forward to a future where they may also be able to raise four kids on a single income in the flight path while spending their evenings perusing the Trading Post for jousting sticks.
