A 63 year old man who bought his first inner-city four-bedroom house for under $70k in the 1980s says young people complaining about interest rate rises don’t know how good they’ve got it.
“Back then we had to save up for weeks, just to get enough for a deposit!” John Bradly from the eastern Melbourne suburb of Camberwell said.
“And then, once we had our house, my generation didn’t have anyone helping us to pay off the mortgage. It was just us and our salaries, which were only about one fifth of the value of the average home back then!
“It took my more than seven years to pay off my first house. Seven years! I was practically in my thirties by the time I was debt free. Can you imagine? Being beholden to a bank for your entire twenties! I’m pretty sure no-one in their twenties these days has to go through that”.
Bradly said young people simply didn’t know what hard worked looked like. “Try managing tenants across eleven investment properties scattered around Melbourne and Sydney during a global pandemic. That’s what hard work is!”