David Koch has called for an end to the blame game, which blames all youth housing affordability problems on baby boomers.
The former Sunrise presenter said attacks on his generation had become so normalized that they should be called ‘scapegoats’, rather than boomers.
He said this not because ‘their balding heads mean we now resemble a barnyard creature, but because our lambs seem to think we’ve put them on the chopping block.
‘Not enough houses? Boomers hoard them. Not enough housing units? Boomers are throwing away money before new buyers can say boo!”
Koch said that contrary to popular belief, most older Australians agree the property market is broken and it hurts them to see their children and grandchildren struggling.
He said those who can afford it are doing everything they can to help their children get into the housing market.
What is known as ‘the Bank of Mum and Dad’ is now, overall, the sixth largest home lender in Australia,” he wrote.
The former Sunrise presenter said attacks on his generation had become so normalized that they should be called ‘scapegoats’, rather than boomers. Stock image
And according to research from the Australian Housing Monitor, they are contributing money to 40 percent of first home buyers – a huge increase from 15 percent in the 1980s.
Koch said it’s not the boomers’ fault that the real estate market has changed dramatically in recent decades.
“When we bought our homes, prices were more accessible, and even though interest rates were sky high, our wages were in line with housing costs,” he said.
Compare the market Research shared with Daily Mail Australia has found that the cost of buying a home in Australia’s capital cities is now 14 times annual income, compared to five times annual income in 1990.
“Housing markets have inflated, wages have stagnated and opportunities for younger generations have been significantly reduced,” Koch said.
He said what has happened to housing is not about denying opportunities to younger generations, but that the system has long favored real estate as a safe investment.
Although Koch says he doesn’t have any real estate investments of his own, he knows that “the people who do are usually just regular moms and dads trying to accumulate wealth to support their families.”
Koch said contrary to popular belief, most older Australians agree the property market is broken. The photo shows a house for sale
He pointed out that “without investors there would be nowhere to rent, and that is not a good situation.”
Koch said very few boomers fit “the rich, elitist stereotype we often see in the news.”
While some may be well off, many are middle-class people who have worked hard to achieve what they have in life, including home ownership, he said.
“It is essential to recognize this diversity and avoid vilifying the entire generation.”
Koch also addressed the pressure on boomers to sell and move to smaller properties, freeing up their homes for younger families.
But he pointed out that homes are not just possessions, they also hold lifelong memories and moving requires significant emotional and lifestyle adjustments.
He also said that with the average retirement age now 64, many boomers are still working, with active careers and responsibilities that require them to live in larger spaces.
“It is also worth noting that many older Australians retain their family homes as their adult children live there longer,” he said.
He said government policies are largely responsible for the poor housing situation.
‘Governments have simply not taken into account the intergenerational housing change and the large increase in migration to ensure that enough homes are built to meet demand.’
He ended with a plea to “stop the blame game… rather than pointing fingers, let’s focus on how we can work together to make housing more affordable in Australia.”