Baby boomers on Australian millennials and Gen Z: ‘Work three jobs if you have to’

It is a debate that will surely lead to war between generations. Who had it harder: the baby boomers or the younger generations of today?

While the Australian dream of one day owning their own home was a tangible reality for those born in the post-war years, many Millennials and Generation Z seem to be all about leisure and holidays, but have given up hope of ever to step into the world. property ladder.

When the Reserve Bank raised interest rates for the 10th month in a row, many older Australians remembered their own struggles when interest rates hit 18 per cent in 1989.

Daily Mail Australia surveyed members of the boomer generation in Cronulla, Sydney’s county of Sutherland, to see if they really thought things were easier in their day – and if they had any advice for their younger counterparts who are currently struggling to find a to buy a house.

Chris, a retired firefighter who swims a few miles most days, owns a large two-story house in Cronulla where he lives with nine members of his family.

“When I started and got my house, I scratched[for money],” he said.

And then rates went up to 18 percent and it was even worse. Yes, they’re in big trouble these days, but, Jesus Christ, we used to have it too.

“It was really tough. I worked two jobs for thirty years, started on the beach as a lifeguard and worked my two days off in a factory.’

Chris, who first bought a house when he was 28, later worked as a firefighter working shifts for four days and then another four days at the factory.

“Life isn’t easy: it wasn’t easy for us then and it’s not easy for them now,” he said.

“But they’re young and they can do it. Work two jobs. Work three jobs if necessary. My wife worked just as well as I did. It was a struggle – it really was.’

He added: ‘They have a harder time because there are more toys to play with. It’s just a fact of life. In our time you didn’t have all assholes. You didn’t have a phone on you or a big flashing goddamn watch.”

Marlene Vale, 73, bought herself a two-bedroom apartment ‘off the plan’ in Sutherland, south Sydney, in 1994, where she still lives.

Many millennials and members of Gen Z seem to have almost given up hope of ever stepping up the property ladder

“Even then, people had their struggles,” she said. ‘Buying off the plan was a way to enter the market.

“Young people are a bit afraid of going into debt these days, but if you’re smart enough, you can buy off the plan and the rent and you can have an apartment in 20 years.”

Ms Vale, who is retired but used to work in advertising, said she rejects the ‘negative’ idea that young people are struggling.

“I don’t know what it is — or kids are being brainwashed into thinking they can’t get into the real estate market,” she said. ‘Well, hard work. I’ve had two jobs.’

She added: “I think in today’s world young people want everything at once. Life isn’t like that. You have to save. Many young people give priority to holidays.’

Mrs. Vale worked weekends as a receptionist at her local RSL for extra money in her late forties.

“It was unsociable hours, but I got good money,” she said.

She admitted that it was “very difficult for young people.”

“It’s more difficult now with the cost of living, especially with childcare. That is an important factor for young parents.’

“Years ago it didn’t go up every year — you have your water, electricity, gas. And also, in today’s world you also have all the technology.

“We never had that — we had a landline and that was it. We never had the internet subscription, the mobile phone subscription, the Netflix subscription or any other subscription that drives up the bill per month.”

Self-proclaimed ‘baby boomers’ Michael and Caroline Kalokerinos have deep sympathy for the younger generation

Mrs. Vale’s two children, both in their fifties, have bought property.

“There are some young people out there who are very positive,” she said.

“I have a 34-year-old grandson who is a lawyer and he works very hard. But he has the mindset that he doesn’t want to get into debt.’

Her advice for young people is: ‘Just get out of your comfort zone a little bit. Try to get a well-paid second job.”

Childhood sweethearts Carol and Terry agreed that the younger generation is having a harder time these days.

“I think it’s hard — I wouldn’t want to be a youngster these days,” Terry said.

Terry, 76, bought his first home when he was 20 – a two-bed apartment in St George, South Sydney, for $11,900.

His carpenter’s wages of $90 a week were enough to pay back the $7,000 loan on the house he rented out while living at home.

After buying and selling a few more places, he and Carol, 74, bought a house in South Sydney’s Caringbah for $90,000.

They demolished it and built their own home where they lived for 40 years and raised two children.

Two years ago they sold it for $2.4 million and now they plan to move into a new development on Cronulla’s waterfront.

Chris, a retired Qantas pilot, bought his first property for $13,000 in Panania, Sydney’s southwest, in 1970

They both agreed that many younger people now had a different attitude.

“I find the young people they want everything now,” Carol said. ‘They want the nice house, the big car, the big swimming pool and the big vacations.

‘Growing up you always said ‘save for curtains’. You used to sit on boxes – no furniture until you had the money to buy it.’

Carol, who used to work in data processing, added: “We were 25 and had two kids – they’re 25 and still enjoying life.”

Terry said he started working at age 15 and his mother encouraged him to save.

“But kids these days go to school until they’re 18, then they want to travel abroad,” he said.

“By the time you’re 23, 24, you won’t have a dime left in your pocket. It’s damn hard to start unless you have a big job.”

Marlene Vale, 73, said the rising cost of childcare today is making life more difficult for young parents

But Terry admitted that “every generation would say the same thing.”

‘My parents’ generation used to work six days a week. On Sunday you’d probably mow the lawn with a push mower and eat a baked meal if you were lucky and that was it.’

Self-proclaimed ‘baby boomers’ Michael and Caroline Kalokerinos have deep sympathy for the younger generation.

“It was much easier to buy a house then than it is now,” says retired civil servant Michael.

‘Houses were ten times smaller than they are now. You could buy a house in Brisbane for $50-60,000 and it was a pretty good house too. They will now cost millions.’

Michael, 67, and Caroline, 73, first bought in their early 20s.

“Interest rates were high, about 11 to 12 percent, but the properties were only a fraction of the price,” Michael said.

The couple, who live in a five-bedroom house in Redland Bay, Queensland, said they feel “happy” with their own home.

“What hits me is that we were still able to pay off 17 percent on $200 wages, but with these house prices it’s impossible to pay it off now,” Caroline said.

“We didn’t have a place to spend our money at the time – we just kept saving.”

Caroline, who creates embroidered logos for companies in retirement, said their cousins ​​struggled to buy a place.

“We want young people to be able to own their own place and live a modest lifestyle without landlords,” said Michael. “It shouldn’t be too much to ask.”

Meanwhile, part-time school librarian Maureen, 56, bemoaned her daughter not listening to her real estate advice to buy a “doer-upper.”

“Our first place was just a single bed with no parking space,” she said.

“Our goal was to get into the real estate market, but now young people want everything first – they don’t want to renovate.

“Of course house prices weren’t as ridiculous as they are now, but that didn’t mean we had the money.”

“Our first house cost $86,000, which was a lot of money for us at the time. My husband sold his car for the deposit. And the interest rates were outrageous—worse than now—and the bank wouldn’t give you money.”

The debate between generations has escalated in recent years as real estate prices skyrocket, largely benefiting the older generation

Ross, a retired Qantas pilot, paid $13,000 for a house and some land in Panania, southwest Sydney, in 1970 when he was in his early twenties.

He borrowed $9,000 and repayments were only $71 a month.

“I just feel sorry for the younger generation,” he said.

“My grandson is the same age I was when I bought my first house, but he doesn’t have a dime to rub together.”

He recently bought a used car for his grandson for $1300.

“I chuckle when I bought a second car for one of my grandchildren because it was the same price I paid for my first house,” he said.

Ross, 72, sold his first home for $39,000 — nearly triple what he bought it for. And he had a lot of sympathy for the younger generations.

“Unless you have help from Mom and Dad’s couch, you can’t now. Prices are just crazy.’