As housing affordability continues to decline in Australia, many young adults find themselves relying on the prospect of inheriting property from their parents. This stark reality has become a frequent topic of dark humor among friends, as soaring rental prices and stagnant wages create a precarious living situation for a generation often referred to as “elder millennials.”
In Sydney, the median rent has now reached an alarming $800 per week, which consumes more than half of the median income. This amount surpasses what is considered affordable, highlighting a structural issue where housing is viewed primarily as a commodity rather than a basic human right. Over the past five years, house prices in Australia have surged by nearly 50%, exacerbating an already dire situation.
For many, the joke about waiting for parents to “drop off the perch” has morphed from a jest into a grim reality. Fiona Wright, an author and resident of Sydney, reflects on her experiences and those of her friends. Recently, three of her close friends faced rental increases exceeding $100 per week, further straining their already tight budgets. In her 14 years of living in various homes across the city, Wright has moved nine times, with only one relocation being her choice.
Wright emphasizes that the housing crisis is not simply a matter of generational conflict, but rather a complex issue rooted in structural, political, and cultural factors. In many countries, homeownership is not the norm, and renters enjoy protections and rights that are often lacking in Australia. The concentration of wealth in the housing market creates an environment where prices must continually rise, leaving younger generations feeling increasingly powerless.
The home Wright’s parents built on the suburban fringe of Sydney was never intended as an investment; it was a family dwelling. They navigated financial challenges in a less competitive market, where access to property was more attainable. Today, many in Wright’s generation find themselves in a situation where the only path to homeownership may come at a significant emotional cost—through the inheritance of a family home that is seen as a valuable asset.
As more of Wright’s friends marry and establish families, the reality of homeownership remains elusive. Most are living from one 12-month lease to the next, facing frequent rent increases and the burden of moving frequently. Among those who do own property, very few have achieved this without familial assistance. The barriers to entry are so high that only a small number have managed to secure homes through their own efforts.
The humor surrounding the inheritance joke reflects a deeper societal issue. Wright argues that the current housing market forces difficult choices upon families, where the passing of a loved one is intertwined with the financial stability of the next generation.
Wright’s new novel, Kill Your Boomers, which explores these themes further, is set to be released by Ultimo Press in April. As conversations around housing and generational wealth continue, the hope for change remains, albeit clouded by the implications of the current economic landscape.
In a country where homeownership was once a widely attainable goal, the shift towards viewing housing as a mere investment has profound implications. The future of many Australians now hinges on a precarious balance of economic forces and the realities of family dynamics, prompting the question: how will the next generation find their place in an increasingly inaccessible market?
