Why your parents' home-buying advice is out of date in today's market
The current home buying market has changed significantly since the 80s, making it harder for young people to buy a home without up-to-date advice.
Full transcript
Your parents' advice about buying a home is out of date. Taking your advice from all those who bought a house in the 80s for $40,000 and just held it for two million. Cut out the Netflix, avocado on toast, and the fancy coffees, and you're going to save your way there. It's just not going to happen.
We're talking about a generation that on a single income could raise a family and buy a family home in a well-established suburb. It's just not real advice in today's market. That's why you have to take the advice from people in our generation who know exactly what the market is doing, and how do we get people of our own age into their own homes.
When you're taking advice from your parents' generation, the average house was four times median income. Now it's 11.9. Their advice is outdated and quite frankly, it's wrong. Taking your parents' advice to go away and try to save harder – you're not going to achieve it. And that's where we need to be able to use grants and specialised systems to break into the market while you have the opportunity.
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