I remember back in 2004 when I joined the real estate industry the Sunshine Coast media was awash with comments surrounding ‘housing affordability’. A noble concept that gained significant media and political attention. It fitted ideally with the Australian way of a ‘fair go’ and the great Australian dream of owning your own home!
It’s interesting that 14 years on; we are still seeing similar comments throughout the media. So what has changed and what has stayed the same?
Well for one prices have changed, back in 2004, the average home price on the Coast was around $375,000, today it is nearing $600,000 and in some localised areas even higher.
This political football has been tackled by both sides of government but with what result? We have seen the introduction of First Home Buyer Grants, New Home Building Grants, Stamp Duty Concessions and even cash handouts! Interestingly on the topic of cash handouts, it was at the same time that the sales of plasma TV’s spiked!
Just like TV sales, many within the industry suggest that all these grants and discounts did was to help increase the number of eligible buyers in the market, therefore property prices inevitably rose.
Despite this article below and report from ING (The ING Millennial Homeownership Report), I can’t help but to consider what buying a home was like for our parents and even theirs? Did they have expensive weddings? Did they go out to breakfast and dinner 4-5 times a week and I certainly don’t think that in the 1970’s and 80’s there were as many coffee shops around as there are today serving us our daily $5 caffeine hit.
It takes discipline and commitment to obtain the great Australian dream, just like it has always done and most will always remain the same.