A staggering $300,000 is now required to comfortably afford a mortgage in Sydney, signalling the exorbitant rise in property prices.
Greek Australian Real estate expert Tom Panos has issued a stark warning, suggesting that the only viable paths for young individuals to purchase homes are through inheritance from wealthy parents or by leveraging unconventional means, such as establishing successful ventures like an OnlyFans account.
Panos, a seasoned auctioneer and property authority, made these assertions during a conversation with Wizard Home Loans founder Mark Bouris. He emphasized the societal shift where financial assistance from parents or unconventional income sources like OnlyFans has become integral to realizing the dream of homeownership.
For those without affluent parents or alternative income streams, the prospect of saving for a down payment is daunting. Panos highlighted the stark reality that it could take up to 20 years for an average individual to accumulate enough savings for a unit deposit, extending to a staggering 40 years for a house.
Moreover, Panos shed light on the evolving landscape of property transactions, where young buyers are often accompanied by their parents, underscoring the pivotal role of the "bank of mum and dad" in contemporary real estate acquisitions.
The escalating age of Australians obtaining home loans further underscores the severity of the housing affordability crisis. In just over a decade, the average age for securing a home loan has surged from 23 to 32, reflecting the widening gap between housing demand and supply.
Panos also criticized the burgeoning self-promotion among real estate agents, who increasingly overshadow the properties they represent. This trend, he noted, is perpetuated by vendors funding lavish marketing campaigns that prioritize the agent's image over the property itself.
As property prices continue to soar across Australia's capital cities, with Sydney witnessing a staggering 10.7% increase in median house prices, the housing affordability crisis shows no signs of abating.
Read More /Mark Bouris Gives Australia 'The Bird': Rebuilding the (Lost) Art of Conversation
