At just 13 years old, Sebastian Munoz-Najar from Adelaide is grappling with significant concerns over housing affordability in Australia. With an average home price of approximately $940,000 in his locality, the Year 8 student has projected alarming future prices that could soar to $1.6 million by the time he graduates university and $5.5 million by the time he turns 40 if the current growth trend of 6.8 per cent continues.
Despite being still in school, Sebastian has already begun to calculate the implications of housing costs on his future. Working with his father, he not only crunched the numbers but also created a website to illustrate the difficulties young Australians like himself might face. He noted the prevalent discussions around housing unaffordability for those in their twenties and early thirties, prompting his worries about what his generation might encounter when it comes time to purchase homes.
Sebastian is contemplating pursuing a STEM degree at university, yet he feels disheartened by the reality that he might never be able to afford a home based on projected salary growth compared to housing market trends. With an anticipated graduate salary of $92,000, he foresees that houses could cost more than 17 times his income—which he finds disconcerting.
Recent studies support Sebastian’s apprehensions, revealing that a staggering 79% of young adults aged 18 to 24 believe they will be worse off financially than their parents. Furthermore, 42% are doubtful they’ll ever be able to buy a house.
His father, Edgardo Munoz-Najar, expressed sadness over his son’s worries, emphasising that Sebastian should be focusing on schoolwork, not housing issues. Having migrated from Peru and benefited from buying a home when prices were lower, he is concerned for the struggles facing younger generations today. To empower his son amidst these challenges, Edgardo has encouraged Sebastian to inform others and be proactive in seeking change—he co-created a Change.org petition advocating for government action on housing affordability.
Their petition proposes limiting negative gearing on investment properties and revising capital gains tax discounts, seeking tangible steps from policymakers, particularly as younger voters approach eligibility. Sebastian is puzzled by the government’s inaction and urges swift reforms to prevent future hardships for his generation.
In reflecting on this situation, he stressed the urgency for political action. The risk of inaction now could make it exceedingly difficult for future generations to secure affordable housing. Through their advocacy, both Sebastian and Edgardo hope to galvanise support for meaningful changes in the housing sector, paving the way for a more secure future for young Australians.