I think though you also need to look at the other side. There are so many people out there who didn't have access to super in the early days, who were a bit leery of shares, who have their "superannuation" tied up in a couple of properties.
If the market drops significantly they lose their "retirement plan" and end up on the age pension and in rental accommodation....and the government loses office.
Its just not so easy to find a solution.
People like myself have tried to work within the existing system to build a future for myself and my sons.
So I have the house I live in, a unit around the corner, as well the property I own with my sons. They are all mortgaged but I am gradually getting equity in them.
However I have been working for myself for the past 4 years and have earned practically nothing so have been living off my super, which I had hoped would last until I could at least get the age pension.
That's not going to happen.
I was also hoping that the equity in the unit, and the house with my sons would be enough to pay my mortgage.
But it wont be.
Fortunately I have a property plan B and am at the moment going through a process of getting development approval to subdivide my home to build two high end townhouses which will hopefully enable me to make some money so I can live.
But its risky, and the DA stage is so expensive, about $25k so far and that wont include the building approval....... and I have had to pay for that out of my super...again.
I am not complaining, I will get by, but for me the thought of house prices falling is not what I want to hear.
Its not that I don't feel for those who are on low wages, casual employment.. etc but I have now got to the stage where I have to look after myself first.
And I think we have been badly let down by governments in allowing our employment situation to get to where it has. Too much casual work, too many women in particular in industries where they don't get sufficient pay to get super and even if they do its a very low amount and they have little hope of building a nest egg. (not me but I do know a lot of women in this position.)
Kids expected to have a double degree and a massive HECS debt to get some menial job that doesn't even require that level of education.
And the politicians continually feeding into the housing affordability crisis in an effort to score cheap points and win votes without providing many solutions.
And many solutions they do come up with involve generational bashing.
Nothing is the same as it used to be.
My father built my parents first house in Dromana. When they moved back to Melbourne into the city, they went to Boronia. Can you imagine how far out Boronia seemed in the 1950's? My mother grew up in the inner suburbs and dad grew up in North Melbourne. Boronia was like the end of the earth. Two bedrooms and mud roads.
I am not suggesting people need to do that today but I think the constant berating of older people on the age pension in expensive houses is just generation bashing that has been going on for as long as I can remember.
I don't know if the answer is super. I think the answer should be more with the banks. I think expecting people to have 15-20% deposit is completely unrealistic, given the type of work available to many people these days.
There needs to be some way for people to borrow with 5% deposit with some type of mortgage insurance to cover the mortgagor not just the mortgaee.
There needs to be an increase in the basic wags. That we have 50% of working families receiving benefits from the government tells us all that the wages are too low. Its ridiculous.
I think the unions have let us down over the years, and I have been an ardent unionist most of my life. But they have done too many deals to benefit the union itself rather than its members, it has allowed the landscape to become so un-favourable to employees with casualisation of the workforce.
They have been hand in glove with the wretched labour hire companies which are a complete blot on the employment landscape.
I could go on but I have to go out for dinner to my nieces place. Which BTW she rents, but she also has a unit that was their first home that they now have rented out. They needed a bigger place with a yard for their little one and decided to rent a house and rent their unit out. I do think many other younger people need to be just as creative in their thinking to find a solution to suit them.
If there is one person who I have tried to emulate in my life and tell other women to do as well it is Zsa Zsa Gabor.
"I am just a house keeper Darling" she said "every time I get divorced I keep the house".
Not quite what has happened to me but I have tried to keep as many houses as I can for as long as I can and encourage every one else to do the same. They nearly always go up in value. Not always, but that's the risk.
That's my rant over.