A young professional’s powerful message about Australia’s worsening housing crisis has struck a chord with thousands of frustrated renters.
The Sydney resident wrote that despite a good salary, they were unable to buy a house because their parents had never owned property.
“I’m a professional in my thirties and I live in Sydney.
“My biggest mistake is that my parents never owned property and were never rich, so they were never able to help me.
Young professional’s powerful speech on Australia’s worsening housing crisis has touched thousands of frustrated renters (stock)
The Sydney resident said despite a good salary he was never able to buy a house because his parents never owned property (pictured, an auction in Melbourne).
“I don’t blame them because I had a happy, healthy childhood, but now I see all my friends and colleagues buying houses in middle-class suburbs and I read a statistic that 60 percent Hundred of Australians receive help to buy property.
“There is a sense that birth is increasingly the most determining factor for success in this country.”
The young Australian added that the worsening housing crisis could lead to “significant civil unrest” if “educated and essential people” continued to be left behind.
“It’s all gone too far.”
The professional spoke out after a young Sparkie shared his struggle, saying he genuinely felt the future of young Australians was being sold and he just wanted to give up.
“I’m a 31-year-old Sparky and I consider myself a pretty simple guy. I just want to have a family home, raise Rugrats, work until I’m 60, and hopefully retire.
“I have no vices, I don’t drink, I don’t smoke, I don’t gamble and I don’t have expensive hobbies. Despite all of this, basic necessities have become so expensive that I don’t think I’ll ever truly own a house. Time is running out and I will never be able to have children due to lack of financial security due to housing.
“I just don’t understand how our society ended up like this. Some of the older members of my crew (50+) have multiple homes, spend and drink like drunken sailors, and have a more spendthrift lifestyle. For exactly the same work, they live like kings while I am stuck in poverty forever.
“I feel what I imagine feudalism to be like and I am just a serf. This whole situation is rotten to the core.
“I just want to live a simple life and be a good father, but I feel like I was robbed of this opportunity because of greed and speculation.
“I feel like the only way to make it in my generation is to have rich parents or to make money that most of us will never see.
“How have we, as a society, ensured that essential workers cannot afford the simple things in life like housing?
“We can’t all be lawyers or doctors, society couldn’t function that way! And I’m sure we need sparks.
“It certainly seems like a lucky country, for some of us, but not for all.”
Many Australians agreed with the fate of the two men.
“It’s a throwback to the days when birth determined everything,” one said.
Here, a 34 year old lawyer. I absolutely understand. I’ve pretty much given up on owning a home,” a second commented.
“Same deal. In my thirties, I’m making more money than ever, but the relative I was stuck with (my mother) didn’t own property, so now it’s GG for the rest of my life?’ a third wrote.
“I have no idea how much extra money I would have to save for a deposit, it’s a monumental climb to do it while forking out the insane rents we pay.”
“By the way, I live far from a city. Regional. The price gouging is happening across Australia and it’s disgusting.
A fourth shared: “Buying a house these days compared to just 20 years ago is much harder. The data shows it. It’s literally undeniable.
Another said: “We were raised by a narcissistic generation who closed the doors quickly and harshly behind them.
“You were told that you just need to work hard to succeed. Only sloths and bludgers are absent.
“But what you need now (to have your parents’ life) is the bank of mom and dad or a time machine.”
A young professional has warned Australia’s worsening housing crisis could lead to “significant civil unrest” if people continue to fail to meet “basic needs” (pictured, a house in Canberra)
A fifth added: “I agree with you. The opportunities available to older guys, many buying nice suburban buildings and even land outside of Melbourne on a single income, while setting and forgetting their careers, are staggering.
Another said: “As long as this country continues to view housing as an investment rather than a basic human right, the situation will only get worse. If we hadn’t bought 7 years ago, we wouldn’t be able to buy today.
However, not everyone agreed with the real estate market talk.
A single woman in her 30s said she bought a two-bedroom apartment in Sydney’s west without help from her parents.
Before purchasing her first home, the woman earned between $65,000 and $80,000 for four years before increasing to $110,000 for three more years.
She rented one-bedroom houses in Parramatta and Homebush before buying the city center apartment for less than $600,000 last year.
“And I never felt like I had to starve myself to get there, because I hadn’t even planned on buying a property until a month before I bought it,” she said. declared.
“While I understand that everyone’s situation is different, I feel like is there something I don’t understand with so many people saying they’ve lost hope?
Another said they were able to buy land to build their first house at the age of 29 without any help from their parents, both refugees.
” It was hard ? Yeah. Impossible? No, I had to make a lot of sacrifices, working more hours and eating out less, etc., but I chose to do the hardest jobs,” they wrote.
As growing numbers compete for rental properties, there are fears more people are at risk of homelessness (pictured, residential properties in Melbourne)
“I’ve had to make some tough decisions about acreage, lot size, what improvements to plan, etc., but it will be worth it in the end. The posts have certainly been moved several times since previous generations but I am sure we can still score.
National house prices are expected to rise by up to 5 percent in 2023, having already increased by more than 2 percent since the start of the year.
“The resumption of immigration after the pandemic is expected to add significant pressure to housing demand,” explained KPMG economists Brendan Rynne and Brian Tran.
“Strong population growth and limited housing supply are poised to put more pressure on the rental market.”
The strongest growth is expected to be in Perth, with growth of between 4 and 7 per cent, according to a report by the REA Group.
Prices in Melbourne are expected to grow at a slower rate, up to 2 per cent, although they could see a slight decline by the end of the year.
House prices in Sydney and Adelaide are expected to increase by 3 to 6 per cent, while Brisbane is heading for growth of 1 to 4 per cent.
REA Group report author Cameron Kusher said the limited supply of properties for sale remained a key factor contributing to competition among buyers and price growth.
“We have seen price increases despite rising interest rates and reduced borrowing capacity and expect moderate price increases to continue over the coming months,” he said.
Kusher said the outlook for 2024 was less clear with a large cohort of fixed-rate mortgages set to expire from current interest rates of around 2 percent and reset to around 6 percent.
“Interest rate changes act with a lag and, as such, the possible impact of higher repayments on these borrowers will not be felt until 2024,” he said.
“At this point, we expect modest price growth in 2024.”
Meanwhile, rental vacancy rates remain tight in Brisbane, Melbourne and Sydney, according to new data from SQM Research.
The national vacancy rate fell to 1.1 per cent, with Sydney falling to 1.3 per cent from 1.4 per cent in August.
Asking rents also rose, reflecting fierce competition for housing, increasing 1.3 percent in October.
SQM Research managing director Louis Christopher said housebuilding was not keeping up with population growth driven by pent-up post-pandemic migration.