PLAYING MONOPOLY (IRL)
G'day friends! Buckle up as we set out on an adventure through the ever-exciting and ever-surprising wilds of Australia's property market. Who knew adulting could be so riveting, right? Let's take a spin through the historical property roller-coaster ride that's left millennials scratching their heads and wondering, "How on earth am I going to afford a house without having to sell a kidney?"
Once upon a time, in the era known as the '60s and '70s, our friends the baby boomers (bless their bell-bottom jeans and vinyl records), found themselves in a property paradise. Imagine a time when the average house cost less than a used Holden Ute! Ah, those were the days. Housing affordability was at an all-time high, and the dream of owning a home wasn't just a dream - it was a reality that most folks could easily grasp, like a snag at Bunnings.
Fast-forward to the 21st century, where millennials are confronted with a property market that looks more like a Monopoly game gone wild. The house prices in major cities like Sydney and Melbourne are doing an impressive impersonation of Mount Kosciuszko – towering, majestic, and darn near impossible to climb without some serious preparation.
Now, let's not point fingers or shake fists at our boomer buddies. They were just doing what seemed best in their time, riding the wave of economic growth and stability that characterised their prime years. And, in a property market that was more like a serene river than the white-water rapids it is today, who can blame them for sailing full steam ahead?
But in doing so, our boomer comrades unintentionally triggered a ripple effect. The affordable housing they enjoyed, coupled with substantial economic booms and favourable tax incentives, led to an investment spree that resulted in a property price surge that continues to this day.
However, we have to give credit where credit is due. Boomers did make property investment trendy, like flared jeans in the '70s or dad sneakers in the 2010s. Today, everyone's talking about real estate, from the breakroom at work to the family barbecue.
Today's millennials find themselves facing the aftermath of this boomer-inspired property boom. With wages that seem to be growing at the pace of a chilled-out koala (read: not nearly fast enough), it’s as though we're trying to run a race with our shoelaces tied together.
This isn't to say that owning a home is completely out of reach for the younger generation. It just means we may need to be a little more creative, innovative, and patient when it comes to stepping onto the property ladder. Or perhaps redefine what the Australian dream looks like for us.
Yes, the property market has changed, and the times are, indeed, a-changin'. But remember, we millennials have a few tricks up our sleeves. We're the generation of innovation and resilience, and let's not forget, we mastered the art of the perfect flat white – so who's to say we can't master the art of property investment?
Let's remember to take this all with a pinch of salt and a healthy serving of humour. After all, it's just a bit of banter between generations. As we move forward, let's aim for understanding, collaboration, and ultimately, solutions to the property puzzle that will ensure affordable housing for all.
And to our boomer friends, we say - thanks for setting the stage for a property saga like no other. It's a challenging script, but hey, we millennials do love a good plot twist. And to our fellow millennials - hang in there and call us to see how we can help!
Adele Oliver # 0439 005 705
