Gen Z couple reveal why they spent their house deposit on something else

This young Aussie couple spent years saving up a healthy deposit in order to buy their first home, but one thing made them decide to spend it all instead.

The Australian dream of owning a home is becoming increasingly unattainable, and one couple has revealed the moment they realised it wasn’t worth it anymore.

When Marnye and Noah finally saved up enough of a deposit for an apartment in Sydney, they decided to spend it instead.

Marnye, 21, and Noah, 22, saved $60,000 with the plan to buy something small and affordable in Sydney.

The Maroubra couple have both been working full-time since finishing school, Marnye as a hairdresser and Noah as a tradie, and they were keen to enter the property market.

It wasn’t easy to save up that much money.

“It took a good couple of years. Maybe four,” Marnye told news.com.au.

The 21-year-old said they were “hard-core saving” and, while they remained social, their budgets were tight.

“We were both living at home still, so we didn’t have to pay rent. We were very lucky,” she said.

The 21-year-old said they were ‘hard-core saving’. Picture: Instagram/tincan_tourin

They’d been saving for four years. Picture: Instagram/tincan_tourin

When they finally reached the $60,000 figure, they realised that buying a property was no longer a dream.

“It is unbelievably hard to get your foot in the door,” she said.

Marnye said it was also discouraging to think they’d have to buy a small one-bedroom apartment after four years of saving and sacrifice.

“In not a very nice spot,” she added.

So they decided to ditch the Aussie dream of climbing onto the property ladder and go travelling for a year instead.

“It was either settling down and thinking about our future or jumping into an activity and experience,” she said.

Financial comparison website Finder has found that homeownership is becoming less and less likely for Gen Zers.

Twenty per cent of Gen Zers and Millennials don’t think they’ll ever own a home, a stat that has almost doubled since 2021.

Only 28 per cent of the young Aussies surveyed say they’ll be able to afford a home in 1–5 years, down from 41 per cent who said the same thing in 2021.

Only 28 per cent of young Aussies say they’ll be able to afford a home in 1–5 years. Picture: Instagram/tincan_tourin

Marnye and Noah decided to ditch the Aussie dream and travel instead. Picture: Instagram/tincan_tourin

Marnye said their decision was spurred by the fact that buying in Sydney, where the median house price is over $1 million, is discouraging.

“The market in Sydney is ridiculous. Maybe when we’re back, the interest rates will be better and the market will be easier to get into,” she said.

The young couple are now travelling Australia and it has been an amazing experience.

The plan was to live off their savings for a year until they ran out, but they ended up meeting some mates in Perth and are working on a farm until Christmas.

“It has been amazing. It has been an unbelievable experience,” she said.

The young couple are enjoying travel. Picture: Instagram/tincan_tourin

Marnye said it’s also been great to meet more people, step outside the Sydney bubble, and discover the rest of Australia.

“You feel like you know everyone and you don’t really bother to meet new people, and then you get on the road and meet so many like-minded people,” she said.

The 21-year-old is not in a rush to return home or even start saving for a house again because it is so hard for young people.

“Everyone’s just living at home with their parents and some of the ones that are renting are struggling,” she said.

“It is just so hard to save up.”

Richard Whitten, Finder’s home loans expert, said that it isn’t easy for young people to enter the market.

“Millennials are getting older. Many have entered the property market already. And those that haven’t are going to be on the younger side, or those facing affordability challenges,” he told news.com.au.

“Some of them may have given up or realised the cruel reality that they probably can’t afford a home.”

Mr Whitten said that climbing the property ladder isn’t easy for young people.

“For young people wanting to buy, it requires an incredible amount of planning, research and sacrifice. It means borrowing more, working more, and putting aside more money towards loan repayments and stamp duty,” he said.

“While the bank of mum and dad has made it easier for some to enter the property market, not all young people have that privilege.”