Grim warning from real estate guru Tomthat you need to be an OnlyFans star or have rich parents to afford to buy a home in Sydney

Property in Sydney has now become so expensive that one property expert is warning there are only two ways for young people to buy a house: have rich parents or be an OnlyFans star.

The shocking claim was made by veteran real estate auctioneer and real estate guru Tom Panos.

“It’s uncomfortable for me to say, but the young people who buy real estate are helped by their parents, or if they were really lucky with a company that went bankrupt,” Mr. Panos told the Wizard founder Home Loans, Mark Bouris.

‘OnlyFans, believe it or not! I know a few people who have sold real estate and the agent said to me, “Mate, she has an OnlyFans account and she’s putting it into real estate,” he said on the Yellow Brick Road podcast.

“Isn’t it interesting, where we are now as a society, to realize the dream we’ve always been told?”

“I know a few people who have sold real estate and the agent said to me, ‘Mate, she has an OnlyFans account and she’s putting it into real estate,’” Mr. Panos said on the Yellow Brick Road podcast.

Mr Panos said those who don’t have wealthy parents or a successful OnlyFans account would have to save for an average of 20 years to get a bare deposit for a unit.

“If you’re a young person now and you don’t have any money, you don’t have a thousand dollars in the bank, it will take you 20 years to save up for a down payment (for a unit) that will allow you to buy comfortably in Sydney,” he said.

‘It is of course slightly less for Melbourne and Brisbane.

‘A house, when you’re twenty. It takes until you are sixty before you get a deposit.

“The goal used to be to have your house paid off by then, not to save for a deposit.”

Mr Panos said the average age at which Australians take out a home loan showed how bad the problem had become.

In 2009, the average age of those taking out a home loan was 23, but that has now risen to 32 by 2024 and continues to rise as demand for housing exceeds supply.

He said young buyers at auctions are regularly seen in the company of their parents as the ‘mom and pop bank’ is now the only option as an income of It now takes $300,000 to comfortably afford a mortgage in Sydney.

In an earlier video posted online, Mr. Panos used the example of a worker at a cafe buying coffee.

“You see the guy behind us, I know what he makes…$20 or $30 an hour, he works his ass off,” he said.

‘If this man starts saving, he can get a deposit for a house when he is 63.

“Yes, everyone is worried about Brittany Higgins, and this man will have to work 45 years just to get a down payment.”

“If you’re a young person now and you don’t have any money, you don’t have a thousand dollars in the bank, it will take you 20 years to save up for a down payment (for a unit) that will allow you to buy comfortably in Sydney,” Mr Panos told Mark Bouris on his podcast (photo, apartments and houses in Sydney)

Mr Panos (pictured) said: ‘Young people buying property are helped by their parents’

The real estate expert also called out real estate agents who now feel like big stars because what they sell is so expensive.

‘At a certain point the hero is no longer the seller, but the customer and the real estate agent decides to become the hero.

“Including the way they acted, the way they behave, even the way they marketed it.

“Some properties, the way they market it, the agent markets it more than the actual house. And it is financed by the seller.”