Frustrated young Aussie unleashes in angry rant at Sydney’s broken housing market
A frustrated young Australian has unleashed an expletive-laden rant claiming that the system has left most first home buyers completely “screwed”.
A frustrated young Australian has unleashed an expletive-laden rant claiming that the system has left most first home buyers completely “screwed”.
His rant bluntly summed up the frustrations held by anyone still renting in Australia’s biggest city.
What began as a critique of a new housing development in Box Hill, 48 km northwest of Sydney, quickly turned into a broader indictment, with the 26-year-old claiming his generation had been sold a myth.
The man, posting under the name Soaringvlogs, was stunned by how tightly the newly built Box Hill houses were squeezed together and by how little privacy they allow.
“You might have put a bit more land on each house,” he said.
“It’s all just houses. There’s no yard, there’s nothing, there’s no space to do nothing. Who in their f***ing right mind would want their neighbour to look at you in your own f***ing backyard or in your lounge room and the f***ing neighbour in their bathroom?”
His rage then turned toward Sydney’s housing market and the generational disadvantage it imposes.
“You’re best off to f*** off up the coast or down the coast – or go to f***ing Perth or Gold Coast because Sydney living, especially for anyone my generation and younger, you’re screwed, buddy. You’re screwed,” he said.
“There’s no way you’re buying a house unless you get some inheritance, or you get real successful with a business, or you do some really good investing.”
He warned that rising automation adds another layer of instability to the system.
“With all the other robot s*** … that’s coming too. They’re gonna take your job. What do you got left? Got nothing, mate, you got nothing,” he said.
“So consider yourself lucky if you were buying property in Sydney in the 2010s and before that, because that was probably the only time it was affordable.”
He then turned his attention to the government’s 5 per cent deposit scheme, which was launched this month in part to help first home buyers. Hopeful young buyers now flock to brokers for a chance at weighing themselves down with potentially crippling debt for decades.
“They’ll get you stuck for life, mate,” he said. “They just want you in a debt trap, and it’s the way they’re doing it to everyone my age and below.
“I’m 26 years old and … I’m trying to do things the best way I know how. This is definitely not the way to go if you’re a first homebuyer, that is for sure.”
Is the 5pc deposit scheme a debt trap?
Unlike normal high-LVR loans, the Albanese government’s scheme also waives lenders’ mortgage insurance, with the government guaranteeing the risk.
But critics have warned it may be a giant debt trap.
Because borrowers end up taking on far larger loans relative to income, they are especially vulnerable to interest rate rises. Over a 30-year mortgage, the interest burden can add well over $100,000 compared with a larger deposit.
Analysts also point out the scheme risks inflating demand without solving the underlying problem — the lack of affordable housing supply.
Pushing more buyers into the market can simply push prices higher, meaning the supposed benefit is quickly eroded. Within a few years, the problem will just re-emerge, and worse.
Economists like Saul Eslake and Steve Keen argue that such policies are band-aids, diverting attention from deeper causes such as restrictive planning rules, tax breaks for investors, and the sheer gap between wages and house prices.
Household debt in Australia is already among the highest in the developed world, and low-deposit schemes may only stretch younger generations further.
Originally published as Frustrated young Aussie unleashes in angry rant at Sydney’s broken housing market
