Young Australians need million-dollar mortgages for modest Sydney homes
Only 14% of young Australians believe they'll own a home, facing debt their parents never imagined.
A 33-year-old journalist in Sydney describes himself as a debt millionaire: to buy a modest two-bedroom apartment outside the city centre, he must borrow more than his parents paid for three houses plus a boat.
Despite earning more than his parents and having worked 12-hour mining shifts and pushed himself to burnout, home ownership feels impossibly far away. Sixty-two per cent now believe the only path to a home is family money or inheritance.
For those without wealthy parents, that door was never open.
- Jack Evans, 33, journalist, Sydney
- Person
- Three Dongara houses plus a boat
- Debt equivalent
- Two-bedroom apartment on Sydney outskirts
- Home type
Why it mattersHousing costs are redefining what success means for young Australians, with debt replacing savings as the entry point to home ownership.
AustraliaSydney and Australian property prices are pricing out an entire generation of workers, triggering anger about inheritance inequality and systemic unfairness in the housing market.
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