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In some concerning news for our nation’s wealthy older Australians, market analysts who don’t work for Real Estate funded companies are this week still warning about the risk of the property bubble bursting.
This follows roughly two decades of steady increases in property prices around the country, a fact that our nation’s Boomers have become somewhat accustomed.
Now, with the impending bursting of the overinflated property bubble looming, the nation’s Boomers have today demanded that more legislation be introduced to ensure that they don’t have to worry about investments that come with risk.
Bradley Wilson, a spokesperson for Homeowning And Rewarded Diligent Workers Outsmarting Reckless Kids (HARDWORK) said the Government needs to do their job, and ensure that their wealth isn’t in any way threatened.
“We grew up in the post-war boom were employment was plentiful, tertiary and vocational education was free (and not mandatory for a lot of roles), property prices were relatively comparable to wages and the Western World was experiencing an unprecedented period of economic and social growth,” explained Wilson.
“So we’ve become accustomed to being able to put money into something, and it returns more money. Namely property obviously, so it wouldn’t be fair to change the playing field now and allow the free market to take its hold.”
“Negative Gearing and the Capital Gains Tax concessions are great and all, but they need to design some legislative structure that ensures that people who leverage property to buy more property to accumulate as much wealth as possible aren’t burnt by a sudden market crash.”
“So what 20% of people in the 25-34 age bracket own a property compared to 61% in that same age bracket in 1981 and many of the nation’s young people and older Australians who missed the property wave don’t feel like they can own a property in a metropolitan centre,”
“I think that just shows how scared the young generations are of hard work,” explained the man who owns the inner-city home he bought for $82,000 on his $34,000 wage 30 years ago, which is now worth in excess of 1.8 million big ones.
“Something needs to happen before the Chinese investors completely explode this bubble,” said Wilson.
