full article - http://www.theage.com.au/business/onlin ... 1cfeq.html
Prosper Australia, a little-known group which supports tax reform on land, has ignited a small but growing online push calling for a "buyers' strike" to protest against the high cost of housing.
“I undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have in all the countries we compare ourselves to,” the Prosper pledge states on its website.
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The campaign has jumped to the top of the list of potential campaign ideas on the online activist site GetUp with hundreds of votes added each day over the past week, outpacing support for same-sex marriage and calls for the Australian government not to bow to pressure to outlaw Wikileaks. It's also bobbing up on Twitter and in other online forums.
Commentators at home and abroad have long questioned the sustainability of Australia's home price increases. Australia is the most overvalued housing market among countries surveyed by The Economist magazine, which calculated that they are 56 per cent over-priced.
Australian home prices, which have increased 77 per cent from December 2002 to the end of 2010 on the Australian Bureau of Statistics capital city house price index. In February the national city house price stood at $465,000, according to RP Data - between four and seven times median household income, depending on the source.