does gen y think property is gold?

In the last few weeks I've had the same conversation with three 20-somethings.
They are very enthusiastic about the housing market. All live at home and have some parental help with the deposit. Buying units to let, on what's left of the FHOG. One is using 25% equity on his first prop to purchase another. Reckons its a no-brainer.

All well and good, but the thing is, they seem to have no idea of the wider economic risk that they are taking on. They don't read financial opinion,or indeed seem to have any idea of any present risk.

Its all just GOLD MATE!

Unbelievable.....