Thinking About the Idea of How Different Generations View Property

Working as a mortgage broker in Palm Beach, you notice a lot of things about how people think about property. It is not just about numbers and interest rates, it is often about deeply held beliefs and expectations that have been shaped over many years. What someone considers normal or achievable in the property market really depends a lot on when they grew up, and what the world was like at that time.

For those who came of age in the post-war boom, roughly the Silent Generation and early Baby Boomers, property was often seen as a pretty straightforward path to stability and wealth. Houses were relatively affordable, interest rates were predictable if a bit higher than today, and wages were generally keeping pace with or even outstripping property price growth. Many people could save up a deposit, get a loan, and buy a modest family home in a good neighbourhood without too much trouble. It was a tangible asset, a symbol of having ‘made it’, and something you passed down.

There was a strong sense that if you worked hard, you could own your own place. The idea of renting long term was often viewed with a bit of a frown, almost like it was a temporary state you were meant to grow out of. You built equity, paid off the mortgage, and by the time you retired, you owned your home outright. It was a simple, understandable progression that many achieved.

Then you have the later Baby Boomers and Generation X, who saw things shift a little. Property still represented security, but the market started to get a bit more competitive. Wages did not always keep up quite as easily, and property prices in some areas began to climb faster. The idea of an investment property started to become more common, alongside the family home. You still had that strong desire to own, but perhaps it meant making a few more compromises, like buying further out or taking on a bigger mortgage.

This generation might have seen their parents pay off their homes relatively easily, and expected a similar journey, only to find the path a bit steeper. They might have entered the market just before or during periods of higher interest rates, or experienced a few property boom and bust cycles. This led to a bit more caution, perhaps, but still a deeply ingrained belief in property as a good, solid investment.

When we move to Millennials, things look quite different. Many in this generation have grown up watching property prices skyrocket, especially in major cities and desirable coastal areas. The idea of easily saving a deposit for a modest family home in a good area often feels like a distant dream. Student debt is also a much bigger factor for many, adding another layer of financial pressure.

For Millennials, renting can be a much longer-term reality, not just a temporary stop. There is a lot of talk about the ‘rent trap’ and the struggle to get into the market. While the desire to own a home is still very strong for many, the pathway to achieving it often involves significant sacrifices, help from family, or a shift in expectations about location and property type. The traditional quarter-acre block might be out, replaced by an apartment or townhouse in a less central area.

This generation has also grown up with unprecedented access to information, which can be both a blessing and a curse. They can research markets and opportunities like never before, but they are also constantly bombarded with stories of unaffordability and competition. This can lead to a sense of frustration or even despair for some, feeling like the game is rigged against them.

Then we have Generation Z, who are just starting to enter the property market, or at least thinking about it seriously. They have grown up in a world where property ownership for their older siblings and parents has often been a struggle. They are even more digitally native, comfortable with different ways of living, and perhaps less tied to the traditional idea of a single, permanent home. Some might not even see property ownership as the ultimate goal in the same way previous generations did.

This is not to say that Gen Z does not want to own property. Many absolutely do. But their approach might be more flexible. They might be more open to co-ownership, or to investing in different asset classes. They have seen the volatility of global markets and rapid technological change, which might make them question some of the long-held assumptions about property being a guaranteed path to wealth.

The idea of a ‘side hustle’ or multiple income streams is also very common in this generation, often driven by the need to save a deposit for property. They are often incredibly resourceful, finding creative ways to navigate a challenging economic landscape. This generation also puts a high value on experiences, which can sometimes compete with saving for a deposit.

It is fascinating to see these different perspectives play out. Someone from an older generation might look at a young person today and think ‘they are not working hard enough’ or ‘they expect too much’. While a young person might look at an older generation and think ‘they just do not understand how hard it is now’. Both perspectives have some truth to them, based on their lived experiences.

The reality is that the economic landscape has changed dramatically. What was once considered normal or achievable for one generation might be a luxury or an impossibility for another. This is not about one generation being right and another being wrong. It is about understanding the different contexts that have shaped our views.

These generational differences can even play a role in family dynamics, particularly when it comes to things like intergenerational wealth transfer or parental assistance with deposits. What one generation views as a helpful leg-up, another might view as an unfair advantage, or a necessary intervention in a difficult market.

It is also worth noting that these are broad generalisations. There are always individuals within each generation who defy the trends and have very different experiences. But the overall patterns are certainly there and they are worth thinking about.

The challenge for all of us, regardless of our generation, is to try and understand these different perspectives. For those who own property, it is about appreciating the hurdles faced by newer generations. For those trying to get into the market, it is about understanding the historical context and perhaps adjusting expectations to the current reality, while also holding onto the dream.

Ultimately, property is still a significant part of the Australian dream for many, but the path to achieving it looks very different depending on when you started that journey. Understanding these different viewpoints can help us all have more realistic conversations about property and what it means for our future.

If you are finding that all these different perspectives and options are making your head spin, and you are not sure how to make sense of your own property goals, sometimes just having a chat with a mortgage broker can help. It is not about selling you anything, it is about talking through your individual situation and seeing what possibilities might be there for you, given the current environment. We see all sorts of situations and can help clarify things.

What is important is finding a path that works for you, understanding the challenges, and making informed choices based on where you are right now, not just where things were in the past. The property market keeps evolving, and our thinking around it needs to evolve too.