The March 29 Edition

Snap question for home-owners: how much is your property worth? I’d wager most can fire back a pretty reliable estimate. That’s not just thanks to websites like domain.com.au, but because our abodes are usually the starkest indicator of our personal wealth. Australian homes, once mostly basic sanctuaries where we raised our kids and kept the lawns trimmed, have in recent decades become fetishised: places to remodel, pamper and preen. Witness the sheer volume of home-reno shows on TV. I admit, I watch quite a few – which was why I was fascinated to read Jane Cadzow’s cover story this week. Monika Tu started out running a stall at a weekend market and, via super-sized doses of grit and chutzpah, became one of Australia’s most well-known real estate agents, selling properties valued in the tens of millions. There’s now ample evidence to suggest that our fixation with property investment is distorting the economy, steering resources away from business investment, innovation and entrepreneurship – key drivers Australia desperately needs to compete on the world stage. Where will this obsession – described by some as pathological – end? – Acting editor, Greg Callaghan