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Housing the ultimate wealth status symbol in 2019

By Cameron Micallef · September 16 2019
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Housing the ultimate wealth status symbol in 2019

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By Cameron Micallef · September 16 2019
Reading:
egg

Australians are shifting their thinking on what it means to be wealthy, thanks to the housing bubble, new research has shown.

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”.

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“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

Nest Egg has previously looked at what can be considered as “wealth” in Australia.

Housing the ultimate wealth status symbol in 2019
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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