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AUSTRALIA

Beyond the picket fence

  • 25 February 2008
In the past dozen years, we have come to value our houses more highly than in our nation's history. House prices in Melbourne, for example, have risen 18 per cent in the past year and the cost of entering the market is beyond the budget of many first home buyers. Investors have muscled in as a dwindling rental market ensures high demand and elevated prices and the bizarre notion of negative gearing continues to attract investors.

Yet as interest rate hikes quash dreams and eat up disposable income for mortgage holders, it's timely to ask why we have come to value our houses beyond what seems their true worth.

The 11-year stint of the previous government was characterised by great diligence about the boundaries of our nation, at least as far as excluding undesirable entrants was concerned. We considered ourselves a gated community, allowing in only those who knew the password or had the cash. It remains to be seen whether this government relinquishes 'me-tooism' on that front.

We certainly continued to welcome a stream of refugees provided they passed through the proper channels and could prove familiarity with mid-20th century cricket. If not, we refused them entry or shifted them offshore. We also found it impossible to apologise to Australia's original inhabitants for the misguided policies of our antecedents. This was despite the urgings of the 'Bringing them Home' report. (It was our home after all and you can never be too careful about who you bring home.)

We have laughed about Howard's apparent desire to return the nation to a pristine '50s version complete with white picket fences. Yet many of us have spent the past dozen years erecting picket fences and painting feature walls in shades of aubergine and taupe. We frequently describe our renovations in the context of 'adding value' to our investment rather than creating an environment in which we enjoy living. Many renovate not for their own enjoyment, but to increase the price at auction.

Hugh Mackay recently saw a shift away from the blinkered and introspective vision of the 'dreamy' period which seemed to entrance many of us during the Howard years. Although there was much talk of 'values' the only values which seemed to increase regularly during those times were house prices. The promulgation of a culture of fear saw us closeted within our houses. We seemed reluctant to engage with a