Young Aussies Are Spitting Chips After Tonight’s ‘Four Corners’ On Housing

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Published

May 2, 2016

Good Lord, Australian Twitter worked itself into a tizzy after the trailer for tonight’s episode of Four Corners emerged.

While the cornerstone of Australian current affairs programming isn’t usually capable of unearthing such Millennial ire, tonight’s ep – entitled Home Truths – focused on the housing market and how we’re, well, not even close to being a part of it.

And the trailer featured these characters, as they described their home-ownership plight:

Boomers want millennials to know it was patience and hard work – not luck – that got them into the #housing market.https://t.co/kglAIGnx7J

— 4corners (@4corners) May 2, 2016

If you’re feeling a sudden, involuntary twitch around your eyes after seeing that, take heart in the knowledge you’re certainly not alone:

it’s me, I’m actually the criminally patronising woman from the 4 corners preview video, I hope we can still be friends

— thomas violence (@thomas_violence) May 2, 2016

“When I was evading conscription for Vietnam, no one made a 4 Corners on my housing problems” https://t.co/XHsuiv5Oox

— Gray Connolly (@GrayConnolly) May 2, 2016

I’d respect boomers more if they literally yelled “BOOM!” whenever they threw their privilege around like this https://t.co/2dnhfwOrLA

— Dan Hall (@danieljohnhall) May 2, 2016

@4corners BULL FUCKING SHIT. YOU PRICED US OUT OF THE MARKET AND CALL US LAZY WHEN YOU OWN ALL THE HOUSES AND WONT SELL. #boomers #bullshit

— Ron (camo) (@urbanpitch) May 2, 2016

And that’s just at the bleedin’ trailer.

Well, gang, we are here to report that the full program didn’t stoop to that level of terrifyingly oblivious BS. It went lower, and harder, and it was absolutely harrowing.

The program followed young first homebuyer Jules McKendry, who has saved an objectively massive $150,000 with her partner at the age of 25. She admitted bidding on at least 20 properties, and losing each and every one of ’em.

And she swore it wasn’t other homebuyers who she was competing against, but investors who were looking to – of course – take advantage of negative gearing and tax concessions to put the property to work. Investors who also took massive loans to buy those properties, under the assumption prices would always rise.

Well, the program compared our income-to-house price ratio to other nations before their housing markets crashed under the weight of that debt. The ratio was at 8x in Ireland; 5x in America; but 9.7x and 12.2x in Melbourne and Sydney, respectively.

So, we’re damned if we do: buying RN will likely strap us to absolutely ridic mortgages. We’re damned if we don’t, too: if we don’t keep feeding the market and it corrects itself, as analysts are sure it will, it’ll wreak havoc on the entire economy – including the careers of, well, us.

It’s enough to make you think maybe, just maybe, it’s not just young people having a whinge, hey. Understandably, there were rallies behind that sentiment:

Wow..that bit where the boomers say young aspiring home owners just need to work harder #4Corners pic.twitter.com/IdjF4aeM9l

— Rebecca Armitage (@BecArmitage) May 2, 2016

How can first home buyers compete against those deliberately out to make a loss #4Corners #negativegearing

— FTTP (@iwantmynbn) May 2, 2016

#4corners incredible that property investor boomers actually think anyone younger than them buys their BS about #negativegearing & #nostagia

— Amy Douglas-Baker (@AmyDouglasBaker) May 2, 2016

1. Create far-flung low-density suburbs 2. Price people out of everywhere else 3. Neglect infrastructure 4. Reap the rewards…? #4corners

— Michael Koziol (@michaelkoziol) May 2, 2016

Millennials must recognise their role as serfs and stay out of the market. The landed gentry need to retain their influence. #4corners

— Dean Cool (@realdeancool) May 2, 2016

Nothing will change until a lot of reckless, greedy people go to the wall. The prudent have been outbid by them. #4Corners

— Michael Byrnes (@MichaelByrnes) May 2, 2016

Blimey. Watch the whole thing here. If you’re even remotely curious as to what it takes to bust into this market right now – you probably should.

Source: Four Corners / ABC.
Photo: Four Corners / ABC.