CLANCY OVERELL | Editor | CONTACT
Thousands of generational wealth hoarding post-war Australians have today demanded both the NSW government and the Federal government to do more to guarantee that their previously infallible nest egg assets continue increasing in value by 25% each year.
Some says it’s because a lot of these rushed high-rise housing developments could crack at any moment, others say it’s because the manipulated housing market was quite clearly unsustainable.
On Christmas Eve, About 300 people were evacuated from Opal Tower in Sydney’s Olympic Park after a loud crumbling sound was heard and a large crack appeared on the 10th floor.
However, in a silverlining for developers, the 30 x 1000 cm space sold for $1.2m over the weekend to a foreign investor site unseen.
Local baby boomers say that figure is a concern. A very real concern.
“It’s not good enough. That’s a very worrying indicator” says one baby boomer who bought sixteen workers cottages in the surrounding suburbs for 10 grand a pop in the 1980s and now has a property portfolio worth $20 million.
“As silverhaired property owners, people like me should expected that our assets go up in value exponentially without any faults until we eventually decide to sell them to a member of China’s richest 1%”
“I am a caucasian post-war Australian. I have never made a compromise in my entire life and I’m not going to start now!”
If the housing credit crunch accelerates in its current “doom loop” , The Reserve Bank could be forced to step in with a $300 billion bailout program to rescue Australia’s banks when property prices crash by 50 per cent, which despite being still completely unaffordable for dual-income households would actually plunge the country into recession.