A baby boomer has divided Aussies after she claimed millennials and Gen Z ‘don’t make (the) sacrifices’ required to own their own home.
The woman, who said she worked two jobs to save up for a deposit, issued the blunt advice while being interviewed by property investment company Coposit.
During the interview, which was uploaded to social media, the woman was asked what she thought about younger Aussies who are trying to enter the property market.
‘They don’t make sacrifices,’ she said.
‘When I was younger, I never did brunches and partied and now what they wanted to do [is] “I’m going to party”.
The woman, who said her father helped her enter the property market by acting as guarantor, acknowledged home ownership is currently ‘difficult’.
‘I feel sorry for the young generation now because they’re thinking why bother because it’s [owning a home] too expensive,’ she said.
Despite the challenges, she suggested some simple lifestyle changes younger Aussies can make to save money.
A home owner (pictured) issued some blunt advise to young Aussies if they want to afford their own home and urged them to make sacrifices to enter the property market
‘They can start off small, a lot of people buy places that are too big but you’ve got to make sacrifices,’ she said.
‘I take my own lunch to work. If you want a place of your own, start small. Work two jobs, work a lot. Don’t go out as much as you want to’.
The clip attracted dozens of comments, with many younger Aussies infuriated by her advice.
‘Oh bless her. No actual idea that things have changed. Working hard and forgoing a coffee is no longer enough,’ one person wrote.
‘We’ve turned our cars into taxis and our spare rooms into hotels to try and afford the same thing they had one a single income,’ another person wrote.
‘Infuriating,’ a third chimed in.
Others agreed with the woman’s comments.
‘She’s actually not wrong, but people heard that first line and (started) typing,’ one person wrote.
Some young home owners said although they achieved their dream of buying their own property, the task is out of reach for many who are the same age.
‘I’m a millennial who was lucky to break into the market in 2017. I can’t imagine trying to save a $60 to $100k deposit now, I sacrificed everything to get where I am,’ one person wrote.
Australia’s median house price of $873,116 is 8.7 times the average, full-time salary of $100,017, CoreLogic figures show.
An individual would need to earn $134,326 just to get a loan, meaning only a working couple would qualify for a mortgage with a bank.
A generation ago, in the 1980s, the mid-point priced house in Melbourne cost just three times an average salary.
The baby boomer, said millennials and Gen Z, should consider working two jobs and partying less if they want a shot at buying their own property
Sydney remains the most expensive capital city to buy a home, with the median house price at $1.474million – or almost 15 times the average salary before tax.
Recent figures from Domain revealed the staggering amount Aussies need to save up to afford a 20 per cent deposit.
Aspiring home owners need to save $332,000 while those living in Melbourne and Brisbane need $213,761 and $195,293.
First home owners have also been struggling with successive interest rises after the Reserve Bank raised rates 13 times since May 2022. The cash rate is at a 12-year high of 4.35 per cent.
Australia has also struggled to control inflation that has left families reeling from the high cost of living.
The inflation rate finally fell within the Reserve Bank’s two to three per cent for the first time in three years thanks to $300 energy rebates.
The consumer price index – or headline inflation – dropped to 2.7 per cent in August, a sharp fall from 3.5 per cent in July.
