Boomers Share the Cost of Their First Property: How ‘Lucky’ Were They?

Older Aussies have shared their jaw-dropping stories of how much they paid for their first properties, leaving younger generations in disbelief. The figures, revealed in a recent survey by property platform Coposit, show just how much property prices have skyrocketed over the years.

In 1970, the median Sydney house price was a mere $18,700. By 1980, it had jumped to around $68,850, and by 1990, it had more than doubled to $194,000. Fast forward to today, and the average home in Sydney is valued at over $1.1 million, while the national average sits at $800,000.

One Sydney woman shared that she was “lucky” to buy a one-bedroom house in 1985 for $82,000, which she now considers a smart investment. Another Aussie revealed he purchased a three-bedroom house in Ryde for $180,000 in 1991, which is now estimated to be worth around $3 million.

A man from Melbourne reminisced about buying his first property for $56,000 in 1984, which has since grown in value to over $2 million. A couple who bought their first property for $28,000 in 1976 shared how they were able to put down a 30% deposit, a luxury that seems out of reach for many today.

These stories serve as a stark reminder of the challenges faced by younger Aussies trying to enter the property market today. With prices continuing to rise, many are left wondering if owning a home will ever be within reach.