Old bull, young bull, all bull
Outsider is old enough to remember the last time there was a correction in the Australian residential property market and therefore tends to view the steep trajectory in Sydney real estate prices with a somewhat jaundiced eye.
Indeed, Outsider figures that it is not his generation of baby boomers who are driving the market because he knows that his fellow boomers tend to be profit takers as they exit the family home with a substantial capital gain and downsize to something closer to shops and transport.
All of this seemed to be confirmed by last week's release by Legg Mason of its Global Investment Survey which has pointed to the influence of those damned "millennials" who Outsider regards as being almost as equally annoying as Gen Ys.
According to the Legg Mason research Australian millennials have a stronger affinity for property, dominating their investment portfolios by a large margin, with 36 per cent allocation to real estate; double that of the global average of 18 per cent.
"This is significantly higher than the older Australian investors' 25 per cent weighting," the Legg Mason analysis said.
Some things are learned, not taught.
AUTHOR
The Outsider
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