PHOTO: FILE
“It feels like an insurmountable challenge.
The quintessential Australian dream of owning a home and clearing its mortgage within a lifetime is now hanging by a thread.
Meet Erin, 28, dedicated to her full-time administrative role. With her partner employed in construction, their combined income reaches approximately $200,000 annually, yet the prospect of buying remains distant.
Residing in Brisbane, they are currently on the hunt for a rental property, with a substantial budget ranging from $800 to $900 per week. Yet, Erin is growing weary of the persistent inquiries about their purchasing intentions.
“When we began our rental search, people would inquire, ‘Why not buy?’ Well, perhaps if I’d been saving since childhood,” Erin remarked to news.com.au.
@ez95e Replying to @Kirsten King lol at my pants in the background #rent #buyahouse #fyp #trending #storytime #myfirsthome #news
Though renting is often labeled as squandered funds, it’s the only feasible option for the hard-working duo.
Property prices in Brisbane have surged in recent years, particularly in 2024. The median house price now stands at a staggering $889,474, a significant leap from just three months prior.
Despite this, wage growth has remained sluggish, with a mere 4.1% increase reported by the Australian Bureau of Statistics this year.
For Erin, the prospect of acquiring anything beyond a modest dwelling feels unattainable.
While she and her partner earn respectable incomes, the desire to live close to work and in a desirable area leaves little room to save for a deposit.
Consider an average house priced at $800,000; a 20% deposit would amount to $160,000—more than their individual annual salaries.
Though occasional success stories from acquaintances provide fleeting hope, homeownership remains out of reach for Erin.
Raised with the belief that purchasing a home would be straightforward, she now faces the harsh reality of the market.
“I always assumed that with a decent income, securing a loan would be straightforward,” she reflected.
However, obtaining a loan substantial enough to afford a mortgage in Brisbane proves challenging, especially with a meager deposit.
Erin speculates that had she bought before the onset of Covid, she might have stood a better chance. Yet, the current buying market in Brisbane appears unfavorable.
The young Aussie has revealed buying a home feels out of reach. Picture: TikTok/ez95e
Even several years ago, when her income was lower, she was informed that her borrowing capacity was limited to $300,000. She fears little has changed since.
Her desires are modest—she isn’t seeking a lavish estate, just a modern home with adequate amenities. Yet, even this seems out of reach in the current climate.
For now, they find solace in renting, though the pressure to save for a home weighs heavily on Erin, straining their relationship.
Young Aussie reveals why she can’t buy. Picture: TikTok/ez95e
“It adds strain. While he may be content with whatever, I yearn for something more,” she admitted.
For the time being, they’ll continue to rent, navigating the housing market with cautious optimism.”
SOURCE: NEWS.COM.AU