The property game is a tough nut to crack. That’s not to say it’s impossible, but you definitely have to make some sacrifices if you’re hoping to jump on the ladder. To absolutely no one’s surprise, a whole bunch of first home buyers are planning to, or have lived at home with their folks in order to save for a deposit.
According to stats from St. George, 40 percent of Aussies gunning for their first home have either lived with (25%) or plan to live with their folks (15%) to help them get into the market.
Given the median price of a house in Sydney is around $900,000, it’s easy to see why many feel the need to move back home. When the 20 percent deposit required is almost $200,000 and rents continue to skyrocket, how else are we meant to save that kind of money?
While living at home is certainly nicer for the wallet, it can put some hectic strain on family relationships. According to the survey, 40 percent of respondents reported being caught in embarrassing “socially sensitive” situations, while 27 percent have endured awkward dinner table fights. Nothing’s worse than mum hogging all the gravy while you’re trying to save for a bloody house, you know?
Furthermore, 22 percent of respondents said their parents tried to enforce a curfew of them and 24 percent had their private phone calls overheard. Yeesh.
Parents also felt the pain, with 45 percent of them having to ague with their kids about the “best way” to do something and 22 percent having to listen to their kids yap on about super foods. but the most relatable stat of all is definitely the 27 percent of parents who had to endure uncomfortable TV or movie scenes with their kids. Man, we’ve all been there.
“A lot of people will be able to relate to these challenges, especially as we head into the holiday season where many families reunite under the one roof,” said St.George’s general manager for retail banking, Ross Miller.
“However in spite of this it’s positive to see there’s a willingness from parents to help their adult kids out when it comes to achieving their home ownership goals.”
It sure does suck that this has become one of the only ways young Australians can afford to buy a home, but here we are. At least parents are just as willing to go the hard yards as their kids are.
