Worried about my children’s future

Worried about my childrens futureHome purchase among 24-35 year olds is steadily declining with young people living with their parents for longer.

“Our children are 27 and 30 now and they’d desperately like to get out on their own, but I can’t see how they can afford it.

I wasn’t very clever with money but I found it quite easy to buy a house. I went to trade school and did an apprenticeship and my wife was a hairdresser. I was in my 30s when we got married but it was reasonably easy to get a house.

The thing that frustrates me is that we’re not high wage earners, we’ve been able to provide our kids with a good education and even travel, but we’re in a position we can’t help them to buy a house. I’m 63, my wife’s 55 and we don’t have a lot of superannuation. We can’t help them any more. There’s no real stress of them living here for us – but it’s a stress for them.”

David and Rosalee, Mount Waverley, VIC

Did you know?

  • One in four Australians aged between 24 and 35 now live with their parents
  • The rate of home purchase among 25 to 44 year olds has declined 15 per cent in the last 20 years
  • In the last ten years house prices increased by 147 per cent, while incomes in comparison grew by 57 per cent
  • In 1991 the median house price was five times the average income, in 2011 it is seven times the average income

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