How many times have you heard it said that if Millennials stopped buying avocado toast they’d be able to afford property?
The reality of wage growth paints a vastly different picture, spotlighting the increasing gap that is the property affordability paradox. This discrepancy between property prices and wage increases didn’t occur in a vacuum. In fact, several socioeconomic shifts have been instrumental in shaping the current property market.
A retrospective glance at the property prices in 1976 across various Australian capital cities reveals a tantalising scenario for modern investors and potential homeowners. With Sydney’s median at $36,800, Canberra’s at $35,100, Melbourne’s at $32,900, Adelaide’s at $29,800, Hobart’s at $31,575, Perth’s at $33,000, and Brisbane’s at a mere $26,275, the property landscape looked incredibly different.
Understanding that the property landscape has shifted tremendously over the decades, and is fraught with challenges unknown to previous generations, is key to alleviating some of the pressure that I know so many hopeful homebuyers are feeling.
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