A young Australian has slammed the country’s housing crisis as “really ridiculous” after receiving a brochure from a real estate agency showing run-of-the-mill properties selling for more than $1 million.
Matt, a 19-year-old from Sydney, expressed his frustration with the state of Australia’s housing market after seeing the brochure, which highlighted 53 homes sold in October.
The properties were located in suburbs about an hour west of Sydney’s central business district, including Quakers Hill, Box Hill, Blacktown and Riverstone.
“I really can’t believe some of these property prices anymore,” Matt explained in a video shared on social media.
‘Sydney has such a problem it’s not even funny anymore, look at these numbers.
‘Please note we are talking about areas within an hour of Sydney’s CBD.
‘How am I supposed to move? How am I supposed to buy a house? the young Australian asked bluntly.
Matt highlighted one property which he said “didn’t look too bad” but warned his viewers not to be fooled as it was located in Box Hill, a suburb he refused to live in.
Matt, 19, received a newsletter about properties sold in October and was stunned by the staggering prices – all of which sold for more than $1 million in the suburbs about an hour west of Sydney.
‘Look at this, a one-story house, valued at $1.5 million, in Quakers Hill. This is really ridiculous. $1.4 million in Blacktown,” Matt said.
In another video, Matt walked through a housing complex in western Sydney and said it made him “extremely sad”.
The teenager said he understood Sydney needed more housing, but criticized the developer for “cramming” as many houses as possible onto the property.
‘There are no front yards and every house is literally copy and pasted. “I know Sydney especially needs houses, but we could have given front yards,” Matt said.
“The craziest thing is that each of these houses is probably worth over a million dollars.”
Social media users agreed with the young Australian, with many saying the country’s housing market was ridiculous.
“Our children will never have any chance of living in their own house, this country is a joke,” said one.
‘A house in our suburb just sold for $2.6 million; “We’re 22km from the CBD. Just kidding,” added a second.
The teenager called Australia’s property market “ridiculous” and wondered if he would ever be able to afford a house in Sydney.
‘In Sydney, it is necessary to earn $200,000 a year to pay the mortgage, whether as a couple or alone. “So either everyone has to become CEO or be a childless couple with two good jobs and no fun for 30 years,” a third person added.
A fourth said: “It’s crazy.” I’m not far from there and I managed to buy it three years ago. The house has increased by a third of what I paid for it. “It’s not sustainable and first-home buyers don’t stand a chance.”
Other Australians advised Matt to save his money and use it to buy an apartment further out of the city for his first property purchase.
‘Save, save and save. Like everyone else. “Do you really think you should be able to outbid a family that has been working/saving for 30 years,” said one.
‘I have to start with a unit. Don’t think anyone buys a house right away without the bank of mom and dad,” added a second.
‘First you have to buy an apartment, accumulate capital and save more money, and then buy a house. Even in Newcastle that’s what we had to do,” a third person wrote.
The average home sales price across the country increased 0.9 percent in the month of October, according to data from SQM Research.
Home sales prices in all capital cities recorded an increase of 1.3 percent, leading to an average of more than $1.41 million per home.
The data revealed that house prices recorded a 1.4 per cent increase in Sydney, with homes selling for an average of $1.95 million.
In Sydney, house prices recorded an increase of 1.4 per cent, with homes selling for an average of $1.95 million.
Melbourne’s market remained stable, with a 0.4 per cent increase in house prices – an average of around $1.25 million – while Adelaide saw a 0.9 per cent decline, with the average home selling for $946,363.
Hobart, Brisbane and Canberra all recorded a one per cent increase in house prices, with homes selling for an average of $805,052 in Hobart and $1.18 million in both Brisbane and Canberra.
Meanwhile, Perth saw the biggest increase in house prices, recording a 1.5 per cent increase, with properties selling for an average of $1.09 million.
House prices in Darwin rose 2.6 per cent but remained the lowest average at $687,272.