A phrase coined by a year 9 level coordinator at Kew High School, Australia.
Intended to be used as a fleeting example of prejudice against the moderately wealthy students of the school who live in the suburb of Ivanhoe, turned into a popular phrase in record time.
A moderately non-offensive way of saying something's unfairly bad.
Guy 1: Oh that's so gay!
Guy 2: DUDE! INSENSITIVE!
Guy 1: whoops. I meant that's so Ivanhoe.