2 days ago
‘Rent is a waste': Older Australians give blunt advice to Gen Z, Millennials
Older Australians have offered up some advice to young Aussies struggling to get into the housing market in 2025.
Home loan provider, Lending Loop, recently stopped homeowners in the street and asked them what words of wisdom they would give to a young person looking to buy a property in the current housing market.
One man said the key is to 'save' so you can get a deposit together and stop renting as soon as possible.
'When you have a property, it makes a big difference when you get a bit older. Now that I am retired I don't have to pay rent or anything like that,' he said.
'Rent is just a waste, you are better off buying a property and paying that amount to eventually own it.'
In another video shared by Lending Loop, the same man revealed he bought his first home in his 30s, saying that 'in those days' everyone bought small, modest homes.
'Very minimal, no carpets, no curtains, no gardens, no driveway. It was just an empty shell, which you had to then develop yourself,' he said.
One woman suggested taking up a side hustle as a way to save some extra cash.
'Or be in a business where you are not capped by your salary. So you get bonuses, there's capacity to earn more money within the job. Don't ever settle for a salary job,' she said.
Another woman suggested young homebuyers purchase second-hand furniture when decking out their homes.
'And don't go out to eat so much,' she added.
Another couple said they didn't have any advice for the younger generation because things were 'much easier' when they first got into the property market.
'I feel completely sorry for this generation,' the woman said, adding it was 'definitely a lot harder' for young people looking to buy in 2025.
'I don't even know what sort of advice to give people,' she said.
The man with her agreed, saving 'I've got no advice for them'.
The debate over which generation had it harder when buying their first home is a highly contentious one.
Younger generations like Gen Z and Millennials believe it is harder than it has ever been to get into the housing market, with house prices far outstripping wages.
However, many Baby Boomers hold the view that the younger generations aren't willing to go without the luxuries they have become accustomed to, along with having unrealistic expectations when entering the property market.
Earlier this year sought to settle this argument once and for all, asking Australians if they thought Baby Boomers 'had it easier' when buying their first home compared to Millennials and Gen Z.
The question was asked as part of The Great Aussie Debate, a wide-ranging, 50 question survey that has uncovered what Australians really think about the hot topics of 2025.
More than 54,000 people took part in the survey, with more than 66 per cent of people agreeing that Boomers had it easier as 'house prices were significantly lower and more in line with wages at the time'.
It is undeniable that house prices have skyrocketed across the country over the past few decades.
In 1994, the average house price in capital cities was around $133,000. Now, Australia's national average dwelling price is sitting at just over $1 million.
The average wage in 1994 was just over $27,000, between 4-5 times the average house price.
Today, the average yearly salary is just over $100,000, which is closer to 10 times the average house price in 2025.
Despite this, a further 42 per cent of respondents believe the situations aren't comparable, with each generation facing their own difficulties when it comes to buying a home.
Just over 17 per cent of respondents don't believe it is any harder for Gen Z and Millennials, claiming the younger generations 'just don't want to make sacrifices like Baby Boomers did to get into the property market'.
