Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Property the ultimate wealth status symbol in 2019

More Australians are looking to capitalise on the housing market, with a study pinpointing property as the ultimate wealth status symbol.

The study, conducted by the University of Sydney’s Professor Lisa Adkins, found that work and employment status are no longer the sole driver of inequality, with personal assets being a key decider and distributor of life chances.

“In the present era, where mid-sized homes in large western cities often appreciate by far more in a given year than it is possible for middle-class wage-earners to save from wages, such a continued focus on employment as the main determinant of class is increasingly untenable,” the professor said.

Examining the Sydney landscape, Professor Martijn Konings has offered that property growth outstripping salaries means the old model for “wealth” is no longer relevant.

He explained that “property inflation cannot be seen as just a speculative bubble or a result of poor policymaking”.

Advertisement
Advertisement

PROMOTED FEATURES


“Yes, it may be those things in part, but it is also a structural feature of the current phase of capitalism and has been central to the production of a new social structure of class and stratification that is characterised by a logic of its own,” Professor Konings said.

Based off the research, the new categories of wealth are:

1. Investors
2. Outright home owners
3. Home owners with a mortgage
4. Renters without property or a mortgage
5. Homeless Australians

Property the ultimate wealth status symbol in 2019
mortgagebusiness

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

The non-major lender is looking to bring in digital signatures and a new home loan platform this year, as it looks to digitise the loan pro...

The non-bank lender has announced the appointment of a chief financial officer after the previous CFO stepped down from his role in March. ...

The non-bank lender has wound back its serviceability policy after reducing its risk appetite in response to the COVID-19 crisis. ...

FROM THE WEB
podcast

LATEST PODCAST: The beginning of the end of deferrals

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.