What does the future hold for the property market?
My take is that the millennials will build tiny houses and commence a nomadic existence. They have no brand loyalty, they seek ‘experiences’ not money and are frugally minded. AirBnB for the next generation will be all about swapping lifestyles with others across the globe.
The boomers will have either cashed up and be travelling themselves (Imagine running into the grandkids in some remote corner of the World as you stop off for a latte before tackling the local sights!)
The boomers who said ‘I am debt free, have my pension and don’t care about the value of my investments’ will happily continue as before. Of course, some will end up with the worst of both worlds, no assets, no money and no health or spirit to leave their rut as it gradually caves in around them to complete the self dug grave.
Generation X will be the unluckiest of all, houses bought at the peak as they sought to provide a home for the family of millennials they bred who despise the materialistic lifestyle and have no interest in taking up where their parents left off thank you very much. This generation will be taxed to the max and heavily guilt tripped into making enormous payments to the bank as their wiser children roam from tiny house plot to tiny house plot, following their fancies.
The banks and Governments, both broke and with outdated business models will cling like a leech to the last vestiges of income before joining the dinosaurs (Mind you, in a million years a dinosaur is useful oil, a dead politician and bankster are always worthless – Laugh at this). I reckon the Government and ‘too big to fail’ banksters will dream up capital controls, longer bankruptcies (perhaps ‘one strike and you are out for life’), passport seizure or cancellation until all debts are paid and some other draconian measures to keep Gen X compliant and handing over all their earnings. Servitude by force and guilt.
Of course, the relevancy of both Governments and banks will fade into obscurity as the millennials disappear from the radar and head for the lowest tax jurisdictions or most scenic places on the globe. Always cashed up and working the grapevine for the next gig.
The wiser Millennials of course, are using the likes of Bitcoin, living green and frugal. Off the grid and off the Government’s grid – using privacy tools and cold hard cash to build an enviable lifestyle – a modern day nomadic hippy with a MacBook, beard and the most enviable quality of life.
If only I was 30 years younger!