Australian teenager outraged by Sydney property prices

A young Australian has branded the country’s housing crisis “truly ridiculous” after receiving a flyer from an estate agency showing a typical property selling for more than $1 million.

Matt, a 19-year-old from Sydney, expressed disappointment with the state of the Australian property market after seeing a flyer showing 53 homes sold in October.

The properties were located in suburbs about an hour’s drive west of Sydney’s CBD, including Quakers Hill, Box Hill, Blacktown and Riverstone.

“I really can’t believe some of these real estate prices anymore,” Matt explained in a video posted to social media.

“Sydney has such a problem it’s not even funny anymore, look at these numbers.

“Keep in mind we are talking about areas within an hour’s drive of the Sydney CBD.

“How can I leave? How can I buy a house? — the young Australian asked directly.

Matt singled out one property that he said “didn’t look too bad” but warned his viewers not to be fooled as it was in Box Hill, a suburb he refused to live in.

“Look at this: a one-story house worth $1.5 million in Quakers Hill. It’s really funny. $1.4 million in Blacktown,” Matt said.

In another video, Matt walked through a townhouse complex in Western Sydney and said it made him “really upset”.

The teenager said he understood Sydney needed more housing but criticized the developer for “squeezing” as many homes into the area as possible.

“There are no front yards and every house is literally copied and pasted. I know Sydney especially needs houses, but we could highlight the front yards,” Matt said.

“The crazy thing is that each of these houses is probably worth over $1 million.”

Social media users agreed with the young Australian, with many saying the country’s property market was ridiculous.

“Our children will never have the chance to live in their own home, this country is a joke,” one said.

“A house in our suburb just sold for $2.6 million; we are 22 km from the central business district. This is a joke,” added a second.

“In Sydney you need to earn $200,000 a year to afford a mortgage, whether you’re a couple or single. So either everyone should be a CEO or be a couple with no kids, two good jobs and no fun for 30 years,” a third person added.

A fourth said: “This is crazy. I’m not far from there and managed to buy it three years ago. The house increased by a third of what I paid for it. It’s unsustainable and first home buyers have no chance.”

Other Australians advised Matt to save his money and use it to buy an apartment in an area away from the city for his first property purchase.

“Save, save and preserve. Just like everyone else. Do you really think you can outbid a family that has been working/saving for 30 years?,” one said.

– We need to start with the squad. Don’t think anyone will buy a house right away without the bank of mom and dad,” added a second.

“First you need to buy an apartment, build capital and save more money, and then buy a house. Even in Newcastle we had to do this,” a third person wrote.

The average asking price for homes nationwide rose 0.9 percent in October, according to SQM Research.

Asking prices for houses across all capital cities rose 1.3%, bringing home prices to an average of more than $1.41 million.

In Sydney, house prices rose 1.4 per cent, with homes selling for an average of $1.95 million.

The Melbourne market remained stable with house prices up 0.4 per cent – averaging around $1.25 million – while Adelaide saw a decline of 0.9 per cent, with the average home selling for $946,363.

Hobart, Brisbane and Canberra recorded house price increases of one per cent, with homes selling for an average of $805,052 in Hobart and $1.18 million each in Brisbane and Canberra.

Meanwhile, Perth saw the highest increase in house prices, recording a 1.5 per cent increase, with properties selling for an average of $1.09 million.

House prices in Darwin rose 2.6 per cent but remained at their lowest level at $687,272.