A young Australian has slammed the country’s housing crisis as ‘genuinely ridiculous’ after receiving a flyer from a real estate agency that showcased ordinary properties that all sold for more than $1million.
Matt, a 19-year-old from Sydney, expressed his frustration with the state of Australia’s property market after seeing the flyer, which highlighted 53 homes sold in October.
The properties were located in suburbs about one hour west of Sydney’s CBD, including Quakers Hill, Box Hill, Blacktown, and Riverstone.
‘I genuinely can’t believe some of these property prices anymore,’ Matt explained in a video shared to social media.
‘Sydney has such a problem it’s not even funny anymore, look at these numbers.
‘Keep in mind we’re talking about areas an hour out from the Sydney CBD.
‘How am I supposed to move out? How am I supposed to buy a house?’ the young Aussie bluntly asked.
Matt highlighted one property that he said ‘didn’t look too bad’ – but warned his viewers not to be fooled, as it was located in Box Hill, a suburb he refused to live in.
Matt, 19, received a newsletter of properties sold in October and was stunned at the staggering prices – all of which sold for more than $1million in suburbs about one hour west of Sydney
‘Look at this, a one-storey house, $1.5million in Quakers Hill. This is genuinely ridiculous. $1.4million in Blacktown,’ Matt said.
In another video, Matt walked through a townhouse complex in Western Sydney and said it made him ‘extremely sad’.
The teenager said he understood Sydney needed more housing, but criticised the developer for ‘cramming’ as many houses as possible onto the property.
‘No front yards and each house is literally copy and pasted. I know that Sydney especially needs the houses but, like, we could have given front yards,’ Matt said.
‘The craziest thing is that each one of these houses is probably worth over $1million.’
Social media users agreed with the young Aussie, and many claimed the country’s property market was ridiculous.
‘Our kids will never have any chance of living in their own home, this country is a joke,’ one said.
‘A house in our suburb just sold for $2.6million; we are 22km from the CBD, It’s a joke,’ a second added.
The teenager labelled Australia’s property market as ‘ridiculous’ and questioned if he would ever be able to afford a home in Sydney
‘In Sydney, you need to be earning $200k per year to afford the mortgage, whether as a couple or solo. So, either everyone needs to become a CEO, or be a couple with no kids, two good jobs, and no fun for 30 years,’ a third person added.
A fourth said: ‘It’s insane. I’m not far from there and managed to buy three years ago. The house has increased by a third of what I paid for it. It’s not sustainable, and first-home buyers have no chance.’
Other Aussies advised Matt to save his money and use it to buy an apartment in an area further away from the city for his first property purchase.
‘Save, save and save. Like everyone else. Do you really think you should be able to outbid a family that have been working/saving for 30 years,’ one said.
‘Got to start with a unit. Don’t think anyone buys a house straight off the bat without the bank of mum and dad,’ a second added.
‘You have to buy an apartment first, build up your equity and save more money, then buy a house. Even in Newcastle that’s what we had to do,’ a third person wrote.
The average asking price for houses across the country increased by 0.9 per cent in the month of October, according to data from SQM Research.
House asking prices across all capital cities recorded a 1.3 per cent increase, leading to an average of more than $1.41million for a home.
Data revealed house prices recorded an increase of 1.4 per cent in Sydney, with homes selling for an average of $1.95million
In Sydney, house prices recorded an increase of 1.4 per cent, with homes selling for an average of $1.95million.
Melbourne’s market remained stable, with a 0.4 per cent increase in house prices – an average of about $1.25million – while Adelaide saw a decrease of 0.9 per cent, with the average house selling for $946,363.
Hobart, Brisbane and Canberra all recorded a one per cent increase in house prices, with homes selling for an average of $805,052 in Hobart and $1.18million in both Brisbane and Canberra.
Meanwhile, Perth saw the highest increase in house prices, recording a 1.5 per cent rise, with properties selling for an average of $1.09million.
House prices in Darwin surged with an increase of 2.6 per cent, however maintained the lowest average with $687,272.
