Prominent baby boomers who had huge success in business have admitted …
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작성자 Trent 댓글 0건 조회 3회 작성일 23-03-13 19:24본문
Prominent baby boomers who had huge success in business have admitted they had it a lot easier than the younger generation when it comes to buying a house.
The Reserve Bank hiked interest rates for the 10th month in a row last week, prompting many older Australians to recall their own struggles, when rates hit 18 per cent in 1989.
In recent interviews with Daily Mail Australia, both Aussie Home Loans founder John Symond and AMP Capital chief economist Shane Oliver agreed that it was 'easier' to purchase when they were younger.
They are backed up by the data, which shows that house pries in comparison to incomes were significantly cheaper 34 years ago than in 2023 - even though the current 11-year high cash rate of 3.6 per cent is low by historical standards.
A median-priced Sydney house currently selling for $1,217,308 costs 10.4 times an average, full-time salary of $94,000, for a buyer with a 20 per cent deposit.
But in 1989, the equivalent home in Australia's most expensive capital city was priced at $170,850 - just five times the average $26,874 salary after the mortgage deposit.
Prominent baby boomers have admitted they had it a lot easier than the younger generation when it comes to buying a house. Aussie Home Loans founder John Symond (pictured with wife Amber) said that while the share market flatlined after the 1987 stock market crash, real estate remained affordable in the late 1980s for the average earner
John Symond, now a multimillionaire who lives in Sydney's eastern suburbs, said that while the share market flatlined after the 1987 stock market crash, real estate remained affordable in the late 1980s for the average earner.
'The '87 stock market crash caused a lot of pain for five or six years but take that away, baby boomers had it pretty good,' he told Daily Mail Australia.
'Housing was more affordable, baby boomers didn't have to go to war - there was some conscription but the percentage of baby boomers who went to Vietnam is very tiny and tour hà giang giá rẻ I think the baby boomers' era was a golden era.'
Sydney's median house price in 1979 was $50,700, Macquarie University data showed.
But just seven years earlier, in 1972, they were less than half that at $23,700.
Mr Symond said that despite the price surges of the 1970s, a young man of his generation could easily buy a house during an era when mortgage lending was a lot more regulated.
'I remember when I was a young articled clerk in law, the average price of a house in the 70s was around 50 grand - when I say it was easier, less people got home loans then because money wasn't a commodity like it is today where banks are borrowing offshore against their balance sheets,' he said.
Professor Allan Fels, a former head of the Australian Competition and Consumer Commission who has a PhD in Economics, is particularly concerned about falling home ownership rates on young people as a former chair of the National Mental Health Commission
Professor Allan Fels, a former head of the Australian Competition and Consumer Commission who has a PhD in Economics, is slightly older than the baby boomers, being born during the war in 1942.
But the University of Melbourne professorial fellow is particularly concerned about falling home ownership rates on young people as a former chair of the National Mental Health Commission.
'We baby boomers have had it a lot easier than the new generation of young people,' he told Daily Mail Australia last year.
'They face a future of much less home ownership and associated mental health stability.
The mere fact they are missing out is a cause of stress.
'The trend of rising prices adds to the stress because many used to think that they could buy their own house but they keep missing out because prices are continually rising just beyond their grasp.'
AMP Capital chief economist Shane Oliver, a baby boomer, pointed out that interest rates in 2023 didn't need to rise to the very high levels of the late 1980s because houses compared with incomes are now so much higher
The Reserve Bank hiked interest rates for the 10th month in a row last week, prompting many older Australians to recall their own struggles, when rates hit 18 per cent in 1989.
In recent interviews with Daily Mail Australia, both Aussie Home Loans founder John Symond and AMP Capital chief economist Shane Oliver agreed that it was 'easier' to purchase when they were younger.
They are backed up by the data, which shows that house pries in comparison to incomes were significantly cheaper 34 years ago than in 2023 - even though the current 11-year high cash rate of 3.6 per cent is low by historical standards.
A median-priced Sydney house currently selling for $1,217,308 costs 10.4 times an average, full-time salary of $94,000, for a buyer with a 20 per cent deposit.
But in 1989, the equivalent home in Australia's most expensive capital city was priced at $170,850 - just five times the average $26,874 salary after the mortgage deposit.
Prominent baby boomers have admitted they had it a lot easier than the younger generation when it comes to buying a house. Aussie Home Loans founder John Symond (pictured with wife Amber) said that while the share market flatlined after the 1987 stock market crash, real estate remained affordable in the late 1980s for the average earner
John Symond, now a multimillionaire who lives in Sydney's eastern suburbs, said that while the share market flatlined after the 1987 stock market crash, real estate remained affordable in the late 1980s for the average earner.
'The '87 stock market crash caused a lot of pain for five or six years but take that away, baby boomers had it pretty good,' he told Daily Mail Australia.
'Housing was more affordable, baby boomers didn't have to go to war - there was some conscription but the percentage of baby boomers who went to Vietnam is very tiny and tour hà giang giá rẻ I think the baby boomers' era was a golden era.'
Sydney's median house price in 1979 was $50,700, Macquarie University data showed.
But just seven years earlier, in 1972, they were less than half that at $23,700.
Mr Symond said that despite the price surges of the 1970s, a young man of his generation could easily buy a house during an era when mortgage lending was a lot more regulated.
'I remember when I was a young articled clerk in law, the average price of a house in the 70s was around 50 grand - when I say it was easier, less people got home loans then because money wasn't a commodity like it is today where banks are borrowing offshore against their balance sheets,' he said.
Professor Allan Fels, a former head of the Australian Competition and Consumer Commission who has a PhD in Economics, is particularly concerned about falling home ownership rates on young people as a former chair of the National Mental Health Commission
Professor Allan Fels, a former head of the Australian Competition and Consumer Commission who has a PhD in Economics, is slightly older than the baby boomers, being born during the war in 1942.
But the University of Melbourne professorial fellow is particularly concerned about falling home ownership rates on young people as a former chair of the National Mental Health Commission.
'We baby boomers have had it a lot easier than the new generation of young people,' he told Daily Mail Australia last year.
'They face a future of much less home ownership and associated mental health stability.
The mere fact they are missing out is a cause of stress.
'The trend of rising prices adds to the stress because many used to think that they could buy their own house but they keep missing out because prices are continually rising just beyond their grasp.'
AMP Capital chief economist Shane Oliver, a baby boomer, pointed out that interest rates in 2023 didn't need to rise to the very high levels of the late 1980s because houses compared with incomes are now so much higher
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