Real estate expert Tom Panos has spoken out about a worrying trend he observed while conducting auctions across Australia.
“When I go to an auction and I see a person under 30, unless I see a mother and father near them, I think, ‘They don’t have a chance,'” he told 2GB’s Ben Fordham.
‘And it’s very sad to see that some of the people who buy real estate now under the age of 30 are people who are on Onlyfans.
“It’s gotten to the stage where, if you’re 18, getting a deposit on a unit will take 20 years; for a house, it’s 40 years.”
Panos added that the average age of Australians applying for a home loan is now 32, up from 23 in 2009.
Auctioneer and real estate guru Tom Panos (pictured) said young Australians have “no chance” of buying a property unless it’s funded by their parents or “on Onlyfans”.
Panos said that if he sees someone under 30 who is not flanked by their parents, he immediately loses faith that he will get the winning bid (file image)
‘In my time, I remember that the dream was to reach 60-65 and have your house paid for. That was the average Australian’s dream,” Mr Panos said.
“Nowadays, the dream is, ‘I’ll have to reach that age to be able to make a deposit,’ so you can see why people are so discouraged and give up.”
Parents who help their children with deposits also affect their own retirement savings, Panos explained.
‘I’m looking at people who are, say, between 60 and 65 years old. If they’re going to live to be 80 or 90, giving lump sum deposits of $100,000 to $200,000 changes the retirement trajectory for most people.’
Panos said rising house prices were forcing essential workers out of Australia’s big cities.
He added that the average age of Australians taking out a home loan was now 32, up from 23 in 2009 (file image).
“I know teachers and nurses who can’t rent or buy a house,” she said.
‘There is no turning back when a society says that we can no longer help a teacher or a nurse, there is no turning back for society.
“It goes against the fabric of Australian society.”
He said the main driver of rising house prices was increased immigration.
“Immigration is very good, it helps the progress of a country, it is good for security,” said Mr. Panos.
‘However, I think (Australia should) hit the pause button and say, “Hey, if we only have 1,000 houses, why are we letting 1,500 people in?”
“So I think the simple solution is a pause or a reduction until we solve the housing problem or move towards it.”
Over the five years, 1.38 million net migrants are still expected to move to Australia, according to Treasury documents.