Brunch and the hashtag "#angryavos" has swept through the Australian press this week after Bernard Salt suggested forgoing $22 brunches was the solution to the millennials housing woes. The response article on the Guardian, pointing out that it would take 175 years of forgone brunch to save a deposit, has exposed the growing rift between baby boomers enriched from a 25 year housing boom pitted against millenials locked out of home ownership by rising prices. In a moment of "simpatico" Morphic had penned a draft blog on this very issue last week. Sadly for millennials we outline the bull case as to why house prices are likely to keep rising in Australia and if they don't buy something, anything, now they are destined for a life of servitude and poverty. (VIEW LINK)
Comments
Jordan Eliseo
Excellent read Chad.......
Patrick Poke
Agreed Jordan, really enjoyed this one.
Chad Slater
Thanks - I thought we had a well constructed bull case.
Alex Cowie
Nice work Chad. This is a must read.
Michael Whelan
Bernard Salt would be well-pleased that his article has achieved such an all-round response, including from The Guardian. The clear point he makes, maybe not subtle enough, is you can't have your avocado breakfast and necessarily buy your first house too, young Millenials (or whatever you call yourselves). The $22 breakfast compares with a $5 box of WeetBix that takes a fortnight to get through. So, save a few pennies, inflict a bit of austerity on yourselves and good luck - we've been there before you !