Ethnic persuasion, ethnic persuasion ethnic persuasion
Darryl Kerrigan may have famously asked “what is it with wogs and cash?” He could’ve just as easily asked “what is it with wogs and property?”
The Real Estate Institute of Victoria has completed research that proves what many ethnic types have known for years; that us wogs do better in the property game than your typical Aussie. If ‘The Castle’ was real and not just the greatest Australian film ever made, Farouk would by now own half the street and his kids would be well on their way to building their own property portfolios.
REIV analysis of Census data shows that many migrants to this country have better home ownership rates than those who were born and bred here. Indeed Australians don’t even break into the top 30 in home ownership rates in their own country!
It’s long been a topic of discussion amongst my Anglo & non-Anglo friends; why are the locals incapable of doing more with their money? Why the incessant whinging about property prices instead of celebrating each increase with ouzo & fried cheese? You take a wog and an Anglo earning identical salaries and the one with an ethnic background whether it be Italian, Greek, Persian, Albanian or Maltese will be more likely to invest in property & sooner than the fair haired locals.
So are those of us who fly here inherently better with money than those who grew here? Is there an environmental factor at play? Does the wog property phenomenon work with second & third generation Australians as well as it does with new arrivals? Whilst we let sociologists ponder the above and study the table below, let’s examine why us ethnics win the property game:
- Amongst wogs, it’s a truth universally acknowledged that renting is for suckers. It must be avoided at all costs. The shame of paying off someone else’s mortgage is not one a wog can easily endure.
- Family comes first. If your child can’t or won’t save a deposit then the family steps in and makes up the shortfall or offers their house as security. It also helps if you’re living at home till you purchase a property and of course you can rely on family to help you improve and maintain the property after purchase.
- Your wog child is not familiar with the concept of paying board. I’ve heard a very proper Greek mum say she’d rather hitch her skirt and walk the streets of St Kilda before she’d take a dollar from her professional children who lived at home until their early 30s when they moved into their own property… fully owned property that is. Hell, why extend yourself with a mortgage when you can live at home and have a tenant help pay off the house before moving in.
- Live by the philosophy that you bite off more than you can chew and then chew like hell. None of this ‘your mortgage payments shouldn’t exceed 30 per cent of your net income’ nonsense.
- If renting is for suckers then so is gambling and many from the “old country” perceive the share market as nothing more than a giant casino too risky for their hard earned. Don’t try talking to them about diversifying their investments. Their idea of asset diversification is buying a unit in each child’s name.
- The desperation to enter the market sees your typical wog settle for the best they can afford, not waiting until they can buy the ideal house in their preferred suburb.
- One overriding factor contributing to healthy home ownership rates amongst ethnic groups is family involvement & the understanding that property is almost always synonymous with security and wealth. If there is no other way, brothers and sisters will pool resources and buy a property together. They’ll rent it out to help make the mortgage payments. After a few years they’ll sell at a handy profit enabling them to purchase property independently. My locally bred friends find such an arrangement fraught with danger but there’s a level of trust or perhaps a determination to get a foothold in their chosen country that sees ethnic families disregard the petty concerns of mixing family with business.
- It’s a testament to how good natured & inclusive Australians are that migrants’ home ownership rates are not a source of major angst. Instead of condemning our ways, Australians have now started mimicking the wog household model. Much has been written about this “new” trend of adult children staying in the family home well into their twenties. Something wogs have been doing for generations.
So Aussie baby boomers forget about spending your kids’ inheritance and do what any good wog parents would do; put down a fat deposit on a property for your entitled offspring. Make it close to your current home so you can spend your weekends painting, gardening and attending to whatever else needs doing. And don’t forget to bring around plenty of home cooked meals…your adult children can’t be expected to cook for themselves. Mazel tov!
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