A recent TikTok video has highlighted the stark reality of Sydney’s housing crisis, leaving young Australians feeling increasingly discouraged about their prospects of entering the property market. The video, posted by 19-year-old Matt Van Biljon, showcases a real estate pamphlet displaying recent house sales in suburbs located an hour outside of Sydney’s CBD, with most properties exceeding the $1 million mark.
Van Biljon expressed his dismay at the exorbitant prices, questioning how young people are expected to afford a home in the current market. He voiced concerns about being priced out of his own neighborhood and the prospect of having to move far from his family to find affordable housing.
“If I am ready to buy a house, even at 30, looking at the trajectory, I am going to be buying a carbon copy house, in a suburb that’s 50C and two hours out of the city,” he lamented.
The video resonated with many young Australians who share Van Biljon’s frustration. Commenters expressed their disbelief at the current house prices, with some recalling a time when $1 million could buy a mansion. Others shared their plans to relocate to more affordable areas, while some expressed a sense of hopelessness about ever owning a home in Sydney.
Older Australians also chimed in, expressing their surprise at the rapid increase in house prices. One commenter recalled buying a house in 2006 for $260,000 that is now worth over $1 million, highlighting the dramatic escalation in property values.
The video and the ensuing discussion underscore the challenges faced by young Australians in a housing market characterized by soaring prices and limited affordability. The dream of homeownership seems increasingly out of reach for many, prompting concerns about the long-term social and economic implications of this crisis.
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