Sure, it wasnt very competitive but it existed and it employed. In 1981 the economy had an outward/economically exposed part of the economy which employed large numbers of Australians. What has happened since 1981 is nothing short of a national disgrace but even the above doesnt do justice to the magnitude of the problem. How baby boomers got insanely rich from property
![@harambeactivity so baby pull me closer @harambeactivity so baby pull me closer](https://img.ifunny.co/images/9042adb8431e455fc39df05e665eb01da515f024a56a0dbe8849cf734602a5a5_3.jpg)
The latest property price boom will only widen the intergenerational wealth divide as those already ‘in’ the market gain at the expense of those locked out and future Australians. Melbourne’s property market grew the most, with the median house price 21.9 times higher than in 1981 and the median unit price 17 times higher…Įven before this latest national price boom, which has seen dwelling values nationally increase by 20% over the past year, baby boomers were making out like bandits.Īccording to the Household, Income and Labour Dynamics Australia (HILDA) report, Australians aged over 55 experienced by far the biggest increases in wealth between 20 on the back of rising property prices:Īnd while home ownership rates have fallen sharply among younger cohorts, they have remained steady for older cohorts:
![@harambeactivity so baby pull me closer @harambeactivity so baby pull me closer](https://pics.me.me/thumb_this-sub-has-really-gotten-into-rick-rollin-people-through-68901919.png)
However, Sydney house prices are 16.6 times higher and unit prices are 13.2 times higher.
![@harambeactivity so baby pull me closer @harambeactivity so baby pull me closer](https://pics.onsizzle.com/tweet-supmike-check-supmikecheck-so-baby-pull-me-closer-in-9383256.png)
Melbourne property prices increased the most since 1981, while Sydney has remained the most expensive housing market overall…Īverage full-time earnings are now $93,500 – 5.9 times what they were in 1981. New data compiled by social research firm McCrindle shows that median house prices have multiplied in value by between 15 and 22 times across Australia’s capital cities in the 40 years to 2021, easily eclipsing wage growth:Īnalysis by social research firm McCrindle revealed that wage growth has failed to keep pace with the housing boom across all Australian capital cities.