Australian homebuyers launch online 'strike' against price inflation

A lobby group has launched a social media campaign calling on buyers to 'strike' against rapidly rising prices in the Australian property market.

The campaign, added to online activist website GetUp a week ago, has received hundreds of votes, outpacing support for the legalisation of same sex marriage and a ban against outlawing WikiLeaks. Home prices in Australia have increased by 77 percent over the past eight years, and the average price of a home in the country's main cities is now between four and seven times the median household income.

Strike organisers Prosper Australia, a lobby group in favour of land tax reform, urge participants to "undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have done in all the countries we compare ourselves to".

Source: Sydney Morning Herald