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IF YOU’RE 35 or younger and have attended an auction in Sydney or Melbourne in recent times, then chances are you are well acquainted with the feeling of despair that accompanies these suburban circuses.
The runaway prices in Sydney and Melbourne are largely out of the first homebuyer’s budget, and the homes often go to cashed-up investors or your parents (who may or may not be buying the property for you, depending on your good fortune).
In Generation Less: How Australia is Cheating the Young, Jennifer Rayner argues that hers is a generation heading backwards: The property ownership dream has died, retirement is under threat, and insecure and casual work has replaced the job for life.
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