Older Australians want house prices to fall to help their children buy homes
Older Australians who bought homes cheaply support government reforms to reduce investor incentives.
Pete Muskens bought his Melbourne terrace for about $30,000 in the early 1980s. At that time, this was less than three times the average annual wage.
Muskens' two adult children face a big gap between that affordability and today's market. Now 71, Muskens says he would accept a drop in his own property value.
He would do this if it helped younger generations afford homes. Muskens says, "It distresses me to see so many of my kids' contemporaries in their 30s still living at home."
Other older Australians share his concern. The decades-long housing crisis has delayed independent living and family milestones for younger people.
The Albanese government recently changed negative gearing and capital gains tax. These changes reduce investor incentives.
Muskels calls these changes "long overdue." The Coalition has promised to repeal the changes if it returns to office.
One Nation wants to change the reforms.
- 71
- Muskens age
- $30,000
- Original home price
- early 1980s
- Year purchased
- less than 3 times annual wage
- Price to wage ratio then
Why it mattersThe housing affordability crisis is reshaping Australian family life. It is delaying major life decisions for millions of young adults.
AustraliaOlder Australians with significant property wealth are openly backing policies that would reduce their own assets' value to help their children buy homes.
✓ Claims checked against the source and corrected before publish. checked 5 d ago
