Here’s How Many ‘Rents Actually “Shell Out” For Their Kids’ First Home

We don’t need to tell you that Australian housing affordability is a real problem atm – y’know, if you don’t own one.

Former Treasurer Joe Hockey (in)famously advised would-be home owners last year to “get a good job“, while just this week Malcolm Turnbull joked that wealthy parents should “shell out” to help their kids get on the property ladder.

Spoiler: it wasn’t a joke. That honest-to-god might be the only way to ever buy your first home, with research by ME finding that 26% of people who bought their first home over the last five years did so with financial help from their fam.

On average? Parents are shelling out $42,000, up from $27,000 five years ago. And the data suggests that some v. v. generous and/or loaded parental units are forking out for more than one child, with the average number of families who’ve helped other family members buy their first home sitting at 20%.
The ‘First Home’ starter kit.

Sadly, calling Turnbull “Daddy” is highly unlikely to convince him to help you buy that $2.7 million penthouse with harbour views, but there’s no research to say it won’t, either. Consider it an option.

Photo: Getty / Stefan Postles.