That depends on what year you were born and whether you got into the property market or not (again, depending on what year).
There is a very large gap between the haves and have not's in terms of property wealth.
It's a strange situation here. A 25 year old on 150k p/a will have major difficulty getting into the property market because owner investors, who bought in a couple of decades ago (or even a decade ago!) are reaping major benefits with regards to lending and tax policy.
The so called 'good' life is not enjoyed by the majority, but by a certain cohort of property owners.
> A 25 year old on 150k p/a will have major difficulty getting into the property market
errrrr... Australia is a big place so this isn't as concrete as you've made it sound. There's quite a lot of affordable property, but sure, the handful of places (cities) where a 25 year old can manage to get 150k p/a pre-tax income might also be inaccessible for buying property for a few reasons, one of which are the situation involving investors. However, this kind of person I wouldn't really exclude from being able to live the 'good life' available to Australians, but I get that this is moreso an example of a benchmark esp. related to the demographic of this forum.
Seriously though, many young devs in Australia can live a pretty great life beyond "home ownership" haha. And the average Australia can find decently priced property, just maybe not exactly in the neighbourhood they like most. But I don't think that's the point of property ownership.
There is an Australia outside of Sydney and Melbourne but job opportunity in regions are very limited. Hopefully the remote work trend that accelerated with Covid lockdowns will make the situation better.
"Australian adults are the wealthiest in the world, a new report has found.
Aussies topped the global rankings for median wealth per adult, at $A315,000 per person, according to Credit Suisse’s annual Global Wealth Report."
There is a very large gap between the haves and have not's in terms of property wealth.
It's a strange situation here. A 25 year old on 150k p/a will have major difficulty getting into the property market because owner investors, who bought in a couple of decades ago (or even a decade ago!) are reaping major benefits with regards to lending and tax policy.
The so called 'good' life is not enjoyed by the majority, but by a certain cohort of property owners.
Overall, as we'd say, it's 'not too bad', though.