Home Australia ‘I despair seeing my grandchildren grow up in a shoebox apartment’: STEPHEN JOHNSON on the secret pain of the middle-class backyard generation

‘I despair seeing my grandchildren grow up in a shoebox apartment’: STEPHEN JOHNSON on the secret pain of the middle-class backyard generation

0 comments
Australia used to be the land of the suburban acres room block where children could play in the backyard or build a cubes house (stock image)

Australia used to be the land of the suburban acres room block where children could play in the backyard or build a cubes house.

The houses in large cities such as Sydney, Melbourne or Brisbane were affordable for average and average income that paid a single income mortgage.

This meant that children could grow in a grass house that was just a moderate train or bus trip from the city center.

The main support of the family, usually dad during the 1980s and 1990s, was at home long before dinner so that families had time for each other.

Children could spend the afternoon after school Play the rear patio cryket or throw a tennis ball to the family’s dog.

But an increase in immigration since the early 2000 of Australia.

Millennial parents who wish to raise their children with a backyard in Sydney now have to win two six -digit salaries to get a house in a distant external suburb on a long journey from the city.

Australia used to be the land of the suburban acres room block where children could play in the backyard or build a cubes house (stock image)

A grandmother tells me that her son and his millenary daughter of apartments.

A grandmother tells me that her son and his millenary daughter of apartments.

Mothers, once the main caregivers now have to work full time and pay for the expensive child care if they are not fortune enough to have dedicated grandparents nearby.

Sydney’s average housing price is close to $ 1.5 million, or 15 times the average full -time salary of $ 100,000, while banks do not provide borrowers more than 5.2 times their payment before taxes.

The situation is now so ridiculous that a borrower who buys a Sydney house with an income would need to win $ 226,281 to qualify for a mortgage loan, and be among the main 2.3 percent of the income.

Even with a strong mortgage deposit of 20 percent of $ 294,125, built in more than a decade of savings, this high -income borrower would still be in mortgage stress, contributing more than one third of payment in monthly mortgage payments.

A Backbench member of Parliament would now even fight to buy a typical Sydney house.

A grandmother, who asked to remain in anonymity, tells me that her son and ancient daughter -in -law, who work full time, are raising twins for young children in a two bedroom apartment in Sydney.

She says that while the children are happy, it is deprived in private about them that grow without a backyard and a game room, as their own children did in the nineties.

But she recognizes that due to the high housing prices in Sydney, the only way to escape the rental cycle in her thirty years was to buy an apartment.

Millennial parents who wish The photo is houses in Oran Park in South West of the southwest of Sydney)

Millennial parents who wish The photo is houses in Oran Park in South West of the southwest of Sydney)

‘We love our grandchildren, but the despair of seeing them grow in a shoe cash unit. Parents work very hard, but it is the way things are for their generation, so I had to handle my expectations a bit, “he says.

Now, the grandmother faces two options if she wants her grandchildren to have the same suburbia as her children had: to help her son and daughter -in -law to buy a house, which would present a significant financial tension or encourage them to move away To another, a more affordable city.

The American housing research group Demographia considers Sydney as the second most expensive city in the world after Hong Kong, when average housing prices are compared to income.

The largest city in Australia is, in fact, even more inaccessible than places in California that fight against a crisis of homeless, such as San Francisco.

That is more and more apartments as the only option for parents who want to live a reasonable trip away from the city, without having to spend two hours in each sense traveling to and from a small house in a distant outer suburb.

But the average price of Sydney apartments of $ 859,963, based on Corelogic data, is also out of reach of the average income income, which can only pay a unit with a value of up to $ 650,000.

Inacordable housing, as a result of an explosion of the population, means that parents will raise their children more and more in high -level apartments towers, as in large cities in China or Singapore.

But unlike Singapore, they will be increasingly forced to live in an outer suburb just to live in an apartment with enough space to barely raise children.

The businessman Dick Smith in 2018 warned that unasquible housing was a threat to Australia’s way of life based on the back of the backyard and a cubes house.

“I see a disaster for the way of life we ​​love in Australia,” ABC Four Corners program told Australia.

‘The jobs are in the city and buy a house with a backyard to play the Crick and have a cubes house, that has gone forever. A house in Sydney is approximately one million dollars.

The American Housing Research Group Demography considers Sydney as the second most expensive city in the world after Hong Kong (in the photo), when the average housing prices with income were compared

The American Housing Research Group Demography considers Sydney as the second most expensive city in the world after Hong Kong (in the photo), when the average housing prices with income were compared

He issued that warning about living ‘as Termitas, like Battery Chooks’ seven years ago when Australia was receiving more than 200,000 migrants a year.

At that time, it was still possible that someone with a salary below the average bought a house of $ 500,000 on their own in Blacktown in the outer west of Sydney, or Woy Woy on the central coast an hour north of Sydney.

That type of money also bought a house near the city in Brisbane, in a suburb like Annerley or Wynnum.

That was two years before the closure of the Covid border and record interest rates, which saw housing prices increase by 30 percent a year in large cities, blocking a generation of potential buyers of housing and potential real estate options .

This is the economic version of Long Covid, without cure in sight.

Australia’s net immigration intake rose on a 500,000 record at the end of 2023 and has not yet moderated at more reasonable levels.

Last year, housing prices rose through two -digit figures in Brisbane, Perth and Adelaida, and in parts of the west of Sydney, despite the fact that borrowers rise 13 increases in interest rates in 2022 and 2023.

Last year, Smith told Daily Mail Australia, future Australian generations would be “stuck in height like China, many very poor and simply live payment packages to pay the package and have no savings at all.”

The expensive housing also means that millenary parents have to move from Sydney and far from their own parents to raise their own children.

My own parents of Baby Boomer in 2020 sold their house of Sydney and moved to the coast of New South Wales in the middle of the north so they could live near their two grandchildren, now 13 and 15 years.

Fortunately for them, cities near Port Macquarie are paraharros for other retirees, which makes it easier for 70 years to make new friends and build a new social group after spending a lifetime in Sydney.

A sea change for several generations is possible if millenary parents can get work in a regional area and avoid the long trips associated with a large city.

But with large corporations they go back to work from home, less parents can move to a regional area and raise their children in a house with a backyard.

The great Australian dream of buying a house in a big city is no longer a mortgage stress nightmare, because that is not even possible.

Every time it is becoming increasingly a memory of a past era, such as rock and roll, disc and even in the early 90s, although more depressing.

(Tagstotranslate) Dailymail (T) Propertyau

You may also like