If your parents own a property you are more likely to own a property than a person whose parents have not owned a property.
The reason for this? In Sydney, you cannot buy a property without a focused savings plan.
The reality is that about 60% of Australians do not have a savings plan. And something like 40% of all Australian have something like $1,000 in the bank at any one time.
This astonishes me because as daughter of a migrant family, you were brought up to own a home. My parents had lived in a boarding house to save enough to buy a property in Sydney where they could raise their children. We grew up expecting that sacrifices had to be made to buy a property. Once into a property like Sydney, it was all ok. You could upgrade into a home when you were ready. We were brought up expecting to own a home.
The number one rule is: Sacrifice a little and save
The number two rule is: Be Realistic
I got phone calls from people with little income asking for a similar house as they are renting -but as an owner you have to pay expenses as well. Be realistic. For renters that means that initially, you will need to pay more to own a property that you have been renting. It is cheaper to rent than it is to own. However, in the long run, it is far cheaper to own than to rent. Owner’s costs will stay the same whereas renting will continuously increase.
And remember to start your children young! Get them to start saving from an early age!