A baby boomer has divided Aussies after claiming millennials and Gen Z are ‘not making the sacrifices’ required to own their own home.
The woman, who said she was working two jobs to save for a down payment, gave the blunt advice during an interview with real estate investment company Coposit.
During the interview, which was uploaded to social media, the woman was asked what she thought about younger Aussies trying to enter the property market.
“They don’t make sacrifices,” she said.
“When I was younger I never did brunches and parties, and now what they wanted to do [is] “I’m going to party.”
The woman, who said her father helped her enter the real estate market by acting as a guarantor, acknowledged that owning a home is “difficult” at the moment.
‘I now feel sorry for the young generation, because they think: why bother, because that’s true [owning a home] too expensive,” she said.
Despite the challenges, she suggested some simple lifestyle changes younger Aussies can make to save money.
A homeowner (pictured) gave young Aussies some blunt advice as they look to afford their own home and urged them to make sacrifices to enter the property market
“They can start small, a lot of people buy places that are too big, but you have to make sacrifices,” she said.
‘I bring my own lunch to work. If you want your own place, start small. Work two jobs, work a lot. Don’t go out as much as you want’.
The clip attracted dozens of comments, with many younger Aussies outraged by her advice.
“Oh bless her. No idea that things have changed. Working hard and not drinking coffee is no longer enough,” one person wrote.
“We turned our cars into taxis and our spare rooms into hotels to try to pay the same as they did on one income,” wrote another.
“Irate,” said a third.
Others agreed with the woman’s comments.
“She’s not actually wrong, but people heard that first line and (started) typing,” one person wrote.
Some young homeowners said that although they have achieved their dream of buying their own home, the task is out of reach for many of the same age.
“I’m a millennial who was lucky enough to break into the market in 2017. I can’t imagine trying to save a deposit of $60-$100,000 right now, I sacrificed everything to get where I am,” one person wrote.
The latest figures from property website PropTrack show that the average price for a house in Australia is currently $860,000.
The baby boomer, millennials and Gen Z said, should consider working two jobs and partying less if they want a chance at buying their own real estate
Sydney remains the most expensive capital to buy a home, with the average price of homes in the harbor city worth $1,429,000.
Recent figures from Domain show how much Aussies need to save to make a 20 percent deposit.
Aspiring homeowners need to save $332,000, while those living in Melbourne and Brisbane need $213,761 and $195,293.
First home owners are also struggling with successive interest rate increases after the Reserve Bank raised interest rates thirteen times since May 2022. The cash interest rate is currently 4.35 percent.
Australia has also struggled to control inflation, leaving families reeling from the high cost of living.
The inflation rate eventually fell within the Reserve Bank’s two to three percent range for the first time in three years, thanks to $300 energy rebates.
The consumer price index – or headline inflation – fell to 2.7 percent in August, a sharp decline from 3.5 percent in July.