The dream of property is pervasive and powerful, and Australians want to own it in monthly instalments. We’re willing to risk ridiculous, enormous mortgage debt for the privilege – recently sitting smugly at seven times the average annual wage.
The irony is that this dream often isn’t so very dreamy. It’s quite ordinary, in fact. For many, the reality of home ownership while earning an average wage means long working hours, anxiety, insecurity and legal enslavement.
~ Damon Young – ‘Dreams don’t come in instalments’ (Sydney Morning Herald)
Awesome article: well worth a read.
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Thanks for the link. A few of my friends have started to buy. I hardly know anyone who can afford to buy without assistance from parents.
I feel at crossroads now: I could do a Masters degree which hopefully will lead to $$$ so I can have a crack at owning a house, but the thought of having to work so hard in order to pay the mortgage scares me. Or I could just stay where I am and continue renting. Argh!
Oh, and the cost of doing a Masters is huge! So spend $$$ in order to get Masters, in order to earn $$ in order to get a huge debt in order to get property! Makes my head spin.