A social media campaign to boycott buying property until prices fall 'to an affordable level' is rapidly gathering speed.
The campaign, launched by land tax reform group Prosper Australia, calls for prospective buyers to sign a pledge not to "bid at auction or negotiate by private treaty to buy real estate until prices moderate". The group argues that prices are significantly overvalued and that Australia is in the grip of a housing 'Ponzi scheme'.
"Two secure jobs and a good deposit are no longer enough to buy a home. Buyers must make a life-long vow of poverty as well. It is irresponsible to expect such a sacrifice,"said campaign spokesperson David Collyer. "first home buyers are priced out of the market by a national hysteria to invest in property. Without FHBs, second home buyers cannot trade up. The whole juggernaut grids to a halt."
The campaign is currently one of the most popular campaign ideas on activist website GetUp, with over 5,600 people voting for the idea – although it has not been formally endorsed by the organisation. However, two-thirds of respondents to an online poll carried out by the Sydney Morning Herald believe that the campaign will come to nothing as underlying demand would easily outweigh any pullback by buyers.
Other campaign ideas listed on the GetUp site include abolishing negative gearing and the First Home Owner's Grant.
What do you think? Is the 'buyer's strike' a good idea, or a crackpot crusade? Will it impact the market? Let us know at www.yourinvestmentpropertymag.com.au/forum.
