A controversial commentator has slammed GenerationY’s “self – entitlement” about property prices, sparking a war of words and once again raising the issues of home ownership, investmentand affordability.
In his recent blog titled Owning a home is a privilege, not a right! Buyer’s agent, property investor,and director of wHeregroup Todd Hunter addressed the claim that Generation Y can’t get ontothe property ladder due to houses being unaffordable.
“I have to say, I am sick of all the whining,” he wrote. “This sense of self-entitlement is simply sickening. Apparently, things are so much tougher than they were 10, 20 and 30 years ago. Butwere they?”
Mr Hunter went on to tell his own property investment story, emphasizing his initial low income and stringent budgeting, and contrasting the buying conditions to the luxuries of buyers today.
“There weren’t the loan products available like there are today, where you can have just a 5 percent deposit,” he wrote. “Mum and Dad couldn’t borrow against the equity in their home to giveme a deposit either. We had to save. Yes, it’s a nasty word.”
Mr Hunter then rattled off a list of Millennial privileges, which he pointed to as a reason for theirlack of savings for home deposits.
“We didn’t drink $4 coffees every day, we didn’t have Foxtel, Netflix, Spotify,” hewrote. “Our mobile phones lasted for many years. We had one TV in ourhouse, not four. We didn’t have lavishweddings for $60,000 nor travel overseas for 12 months on a gap year, partying 24/7 whilst deciding what wewanted to do in life.”
The blog post has sparked outrage among the first home buyer community. “Just look at the intelligent comments on this feed and you’ll see it’s NOT the same as it was whenyou were young,” they wrote. “It’s your generation and theBaby Boomers that have ruined the whole world for future generations. You should be ashamed.”Some readers took to the wHeregroup Facebook page to voice their disgust. “This is the worst pile of trite non -reasoning I’ve ever seen pop up on my feed. Byevery sensible metric on earth, home ownership is harder now than 30 years ago. That is an indisputable fact,” one commenter wrote. “The condescending assumptions in this article are nauseating. I am a Generation Y with a greatjob and I don’t own an expensive car or more than one TV, Still I struggle with a rental market thatmakes saving for a deposit hard. Faced with a 35-50 year mortgage. I work 50 hours a week. Thisarticle makes out I’m lazy for not completely sacrificing my entire life for capitalism,” another wrote.
Some readers, however, shared Mr Hunter’s sentiment, commenting “Love it. Well said Todd”, andrelating to his story. “Totally agree! I saved my butt off to build a house when I was 21 and livedwith my parents’ old hand -me -down furniture on concrete floors for years till I could save upenough cash to afford to buy my own furniture, carpets and tiles! We all survived!”What are your thoughts? Is it really becoming harder to buy property?