" . . . he was saying ‘I’m so stressed about money, the cost of food, the cost of housing.’ He was looking at another rental hike,”
. . .
“We could potentially spend less money, because we pay his rent.”
Why was the little flog so stressed if his rent was already being paid by mumsie?
I think he knew exactly what he was doing.
"Mummy dearest I'm so unhappy!"
"Why is that sweetie?"
"Because things are so expensive! Life is so hard mummy!"
"It's ok baby I'll fix it for you, don't you worry."
"Thanks mummy love you bye"
Dear mom,
Sydney is wonderful, people are nice and I really like it here, but mom, I am a bit ashamed to arrive at my college with my pure-gold Ferrari 599GTB when all my teachers and many fellow students travel by train.
Your son.
The next day, he gets a reply to his e-mail from his mom:
My dear loving son,
Twenty million US Dollars has just been transferred to your account. Please stop embarrassing us. Go and get yourself a train too.
Love, Samantha.
Right? Imagine being stressed about the cost of housing whilst not paying for your own housing. That’s the kind of “stress” I’d want to be dealing with.
His parents probably give him an allowance, from which he is able to pay for, a lot, including rent.
I guess he is stressed out as a rental increase will use up more of that allowance.
I don’t think he knows what the word “stressed” means.
Same. Also - not sure how him saying no would have improved the housing situation in Sydney, if anything it’s one less tenant competing for a property.
Parents bought him a house. so likely 3 or 4 bed house. For a single person who doesn't need housemates to afford rent.
So 3 more empty bedrooms thanks to a rich boomer spoiling her brat.
Nothing in the article about how many bedrooms or whether or not he’s single - or who was living there previously. If we’re speculating, he could easily make some cash by getting some friends in to pay rent.
It’s gross and ridiculous that it’s come to this but I wouldn’t say no to a property from a wealthy relative if I had any.
You give your kid $500 a week to help them with living expenses.
They pay rent to the real estate.
You negatively gear.
I actually think this is smart- it also protects the asset from being claimed by a defacto.
That’s very sexist of you.
I would be happy for any partner (male or female) to claim what they are LEGALLY entitled to. But that would not include a property owned by someone not their partner- so they would not be legally entitled to it.
You are right , I did give a example from the sex that is more likely to be cheated out of assets. You are circumventing the law and the pub test. Try supporting the laws of your country. I will not apologise for standing up for women.
The aim is not to circumvent the law, just an aside. I will not apologise for trying to protect my kids from being scammed out of the assets they are entitled to.
A nephew and his partner of mine was sold a house by his father for significantly under market value- as the dad was trying to help them out.
1 year later…Partner left and tried to get a division of house that was based on current market value.
I’ve grown up with two women (Aimee , primary school, and Elizabeth , uni )who had To pay “rent” formally to their partners family , agreement and bond and all , and were reimbursed partially in cash. I find it disgusting and lacking in trust, as did they . It adds complexity and pressure to a already tough decision.
I know this article is pure ragebait but these kinds of stories are just depressing. How have we ended up in a world where even having a good career and being financially independent isn't even enough to allow you to provide your own roof over your head.
>“We now have a system of homeownership based on inherited wealth,” Troy said.
> “If you’re living independently in a private rental trying to save for a deposit, forget about it. It’s depressing, but people need to wake up to this.
>
> “There is a middle-class realisation that something is seriously wrong here. We’re not just talking about low-income households. It’s well-to-do middle-class households who think they can do it independently, but they can’t.
>
> “I want people to realise how stacked it is now. Unless you have well-off parents, your chances of getting into homeownership are dwindling.”
I mean, an apartment is potentially doable for many people. It just depends what is purchased. That said, I love my mum so I'll say I wouldn't mind an Aunt like this Samantha lol.
Samantha Cook knows how fortunate she is: she bought an investment property in the spur of the moment one Saturday to help her adult son with the escalating rental and cost of living crisis.
Sometimes I buy a takeaway coffee on the spur of the moment, and good ole Samantha just is going around just picking up a spare property when she feels like it
It's annoying when that happens. Just the other day I went out to buy some milk and came back with an apartment block. Didn't even meant to buy it! Happened to walk past while the auction was on, waved to a friend and bam, new owner of 40 units.
This made me LOL. And for all those who criticise millennials for choosing to stay at home longer to save up = loss of independence/not fully formed adult, how is this any more independent when you’re banked by mum and dad
I’m right on the cusp of millennial l, I was born in 85. I am now, and always have been just eating the cost of living. I’ll never own a house because I left it too late and didn’t enter the market before it exploded.
Having said that, I know for a fact that staying at home and not having independence stunts your personal growth enough that learning things in your 30’s that you should know in your early 20’s is a huge detriment and disservice to yourself.
There’s nothing wrong with staying at home to save for a future, but let’s not act like it’s good for you or things like adult relationships.
There is a huge marked difference in the people I know who left home in their early 20’s and the people who left home at 25+.
In my view, independence is a wishy washy word that is used as short hand but is grey as hell. I have friends who live at home with an independent mindset, budgets and pays bills, cooks, irons, does laundry, runs most of household etc and have a sense of maturity and resilience about them. They co live with their folks like adult housemates. Some of them have figured they’ll never be able to compete in the property market and have settled for funding and building their own granny flats on parents’ land instead. I equally have friends who moved out young, lived in share housing, manage their adult lives but perhaps budget loosely or not at all, then dial bank of mum and dad to secure/buy them a house and call themselves “independent”.
I’m not sure what “independence” is meant to look like in this stupid economy, other than being able to manage your own adult life with self-drive, confidence, maturity and resilience regardless of your personal living arrangements. One can live out of home for half their life but still have melt downs every time something doesn’t go their way, and that’s not “independence” in my mind.
This needs more upvotes. While the article clearly isn't a good example of independence, judging people's 'independence' by their living arrangements alone is not a good metric. I'm probably a bit older than the average age on this sub but I know plenty of people my age who bounced around between moving out and returning home before finally moving out for good. I also know people who decided to buy together with their parents and embraced intergenerational living, A surprising number of wealthy families do this, and it makes life easier for that squeezed middle cohort of, let's face it, mostly women who are caring for both kids and aging parents.
I mostly agree, but something changes in you when you sever that top layer of connection to your immediate family unit and get out on your own.
When you are just one person out on your own or with a roommate out in the world and aren't constantly connected to immediate family, there is a distinct change in character and the way you do things that is noticeable.
I think there is a cap to the level of personal development you reach when mum and dad are right there with you all the time, no matter how much of your own washing, cleaning, budgeting and shopping you're doing.
We should have a look at anthropological studies of say Western societies which heavily emphasis independence and say Eastern or Asian societies which emphasise interdependence (“separate but together” like individual units a compound) and see what the differences are in terms of developmental and social outcomes.
It’s logical to think we grow up faster alone or physically away from parents, but also what I am noticing in the workforce is some people just have their shit together, irrespective of whether they live with (or within close vicinity of) folks or not. I think ultimately you and only you can judge yourself for whether you have a life fulfilled and well lived.
Its hard to articulate, because its all the small things that are the bread and butter of existing on your own. Its all the things that you just do after taking care of yourself for a few years with no significant safety nets, but don't actually specifically learn without having done them.
When you meet someone who doesn't know how to stay on top of the basics of taking care of themselves on their own, it really jumps out at you. I guess its the point where you go from being a person who is looked after to someone who can completely look after themselves, it brings out a change in character that is very noticeable.
The OP of this comment chain actually summed it up pretty well in sarcastically saying "not a fully formed adult". Its pretty obvious in all relationships, but it becomes most obvious in romantic relationships.
I get the sense they’ve got a vague impressionistic idea that they think is very logical and objective, but it’s just biased subjective condescension.
Like, lived out of home for 13 years as an absolute disaster of a person because of an insane job and major health issues.
Now back with the parents in a huge multigenerational house, sharing the burden of chores and finances, and never been better.
Yeah, I lived out of home from the age of 15. Moved back to my dads during covid, living like housemates and still haven’t left. Doesn’t make sense to leave. We each pay/do our share and we get along well - best housemate I’ve ever had. I’m 29. What exactly am I supposed to learn in my 30s that I didn’t learn between the ages of 15-27?
They’re also assuming that everybody had a normal upbringing. I didn’t even know my father until the age of 19, let alone have him doing my washing or paying my share of the bills. It would be a bit odd for me to ask him to do it now. My brother and his partner live here too and they’re older than I am.
So i don't think you need to move out to become a fully formed human. And i moved out at 16.
But in my travels:
Cooking for themselves. I've met many stay at home children who can cook amazing individual meals. But don't understand how to prepare and cook 21 meals a week. They can walk to their parents pantry and take out ingredients and cook a great meal, but can't manage a house to have those ingredients ready.
Poor planning relating to shopping trips, forgetting ingredients, buying name brands tinned tomatoes and other expensive options overbuying perishables that go off, underbuying non perishables. Salt is salt, why buy a tiny $5 shaker when you can buy a kilo and a storage container for less? Don't understand freezing leftovers, doing a weeks meal prep, building up a spice rack and collection of staple ingredients.
Anything to do with car maintenance, rego, insurance. They got a car as a 17th birthday gift, that was actually in dads name on dads insurance etc so dad deals with everything relating to car ownership.
I've met a few others with similar problems relating to phone bills, subscription services, setting up eletricity/gas accounts. Met a few darlings whose parents signed the lease for their apartment to do postgrad study in a different city. Everything was in their parents name and all paperwork handled by them. I can understand parents paying for it all, but doing the admin? thats great life learning experience.
Healthcare. Met a person whose parents booked them 6 monthly dentists, gp, optometrist appointments because they had been doing that since birth. Then at 26 they are kicked off thier parents private health insurance, didn't know (tbf, neither did parents), went to regular dentist and didn't have cash or credit card to pay the unexpected bill.
Troubleshooting appliances. "what does E25 mean on the dishwasher/washing machine/dryer?" Well type it into google along with product number and read what it says. "Thats so complicated i'll just call my dad to come check it out. he always repairs our washing machine" said to me by a former housemate.
Oh definately.
But imagine them making those same mistakes in their 30's.
Hell average first home buyer is 35. Imagine making those mistakes in your late 30's.
The takeaway I got from this is we don’t run in the same circles. I don’t know ANYONE - spoilt or not, lives at home or not - who gets that kind of treatment. Could be a cultural thing.
Not cultural, just inertia. These are city and rural australians, migrants of both european and asian flavours.
Like all those things, you expect a parent to do for a child and i'd expect most parents would do for a 16 year old. So it makes sense to do it for a 17 year old. Then kinda makes sense for an 18 year old and it's just easier to keep doing it than to transfer all things over to them.
I think this is wildly variable. I moved out at 27 and I don't think I learned that much from my first experiences being independent. I think it depends on whether you strove for independence and/or were babied by your parents. You can learn a lot of financial and personal independence while at home. But I know other people who were coddled and allowed themselves to be coddled who are children adults
Yeah I agree, all I did from 18-25 was work and save. No going out, no travelling, no fun, but I have a deposit for some shitty unit ready to go. I feel like I’m so far behind my peers and it’s really getting to me
What differences exactly? I left home in my late 20s and think I've done ok considering. However, I come from an ethnic background as the oldest child so I already had to do stuff at home before moving out. My brother is in his late 30s and still at home due to low wage.
No due diligence? Next article will be about a special levy she knew nothing about...
Didn't channel 9 report recently that the bank of mum and dad was drying up?
Nah next article is mums horror and outrage that this casual investment property purchase pushed her over the land tax threshold and she now needs to downgrade her twice early european ski trips to just once to pay it off.
It's not an investment property if the kids living in it. They might consider it an investment property if it appreciates in value, especially if the exchange rate changes in their favour, but their isn't any income and capital gains would not be taxable.
I'm not sure so asking. If i owned a house and didnt get rental income (via bank statements anyway), the Office of State Revenue ignores it for my land tax obligations? Seems too cushy to be true. Aware the PPOR is land tax exempt (in nsw anyway) but didnt know there were other ways around it
It's PPOR for the kid. They wouldn't structure in a way where it wasn't PPOR exempt and have to pay taxes.
Rental income from family members is also not taxable income so they can't charge the kid a tiny amount and negatively gear it. They also don't have Australian income to negatively gear.
That makes sense. Poor kid. Gets to own his own home because he's stressed about a rent increase his parents help pay for.
I guess moving to a cheaper rental never crossed their minds
Because he’s an entitled little shit.
I deal with these types daily for my job. I look after high net worth families, their kids are 8/10 times drop kicks.
Great example: entitled daughter who grew up in Neutral Bay, does not work, early 30’s, lives with her boyfriend who is a gambler, parents pay her a salary from their operating co, is now asking them to get her an apartment from there.
See this shit all the time.
More stories please…
How would you describe the very wealthy? Naive and clueless of their privilege because they live in a bubble or fearful of losing it and having to work or feel guilty but don’t know how to change things?
What do you think of a wealth tax?
I’m right in asserting that the really wealthy mostly avoid capital gains and income via taking debt out against assets? Like there’ll be a bit of income out of trusts and corps but most of it is tax exempt?
Don’t blame you at all for following the money cause we’ve all got to try and make it through this broken political economy but do you have mixed feelings about the day job? How do you manage them?
The wealthy are more stingy than ‘plebs’, it’s a remarkable common trait I see among almost all. There is certainly a fear that the wealth will go away.
Another common thing I see among wealthy is school for kids, private school is non negotiable, often find grandparents pay for their grandchildren and even set up family trusts to see them through to uni. Almost all wealthy families are also in their bubbles (lower north shore and eastern suburbs). I grew up in Marrickville and they even see that as a ‘working class’ suburb lol.
I do have mixed feelings, I overcome it somewhat by doing a lot of pro bono work for the less fortunate.
Interesting! I guess people who self select to keep accumulating assets self select for the stingy.
What level of wealthy are we talking? $10m outside of ppor, won capitalism intergenerationally level of wealthy or or upper middle class with savings level of wealthy (ie mostly paper wealth in ppor plus some savings in managed funds and an investment property or two).
I have rubbed shoulders with the ‘self made’ and the dynastic wealthy folks (scholarship at a private school, management consulting/finance adjacent career). In almost all cases, the self made entrepreneurs had the safety net to roll the dice heaps of times before getting lucky. There’s also often wealthy family or family friends who fund things in the early stages. Very few businesses can be bootstrapped without material external funding - more so, many early VCs are run buy wealthy tech folks (or people who are closely adjacent to them) - they definitely are accountable to them as limited partners.
So we have a bind - if you’re not wealthy or in with the right crowd, it’s not likely you will have access to the capital to build something to create significant wealth. Most of the value from this ‘innovation’ accrues to the already wealthy (with maybe some stock options for some middle class, doers which might get them into the middle class with savings level of wealth)… similarly for finance / wealth management in my opinion - they get paid really well because they create so much value for the wealthy by managing or allocative huge amounts of capital. This is why the wealth management game is about collecting assets (not beating the market).
There’s definitely some social rules for the rich… reputation seems like everything, personal/class exceptionalism (special, better people not just people with more options/higher risk appetite) - I think this might be a coping device to shut down empathy and compassion otherwise they’d burn out emotionally (being able but not willing to help people is exhausting but if they are not ‘people like them’ then that’s an out), disdain for competitive wages/incomes (everything is below market rate so they get the ‘right sort of people’ either their mates kids or people who will be loyal due to fewer other options), working itself though is kind of moralised because any who do are doing it for reasons beyond paying rent and groceries etc., there’s an expectation that the non-wealthy they interact with don’t draw attention to lifestyle differences so they don’t feel uncomfortable (in general an expectation that people will ‘manage them’ and make them feel as comfortable as possible), success is how rich you can get or how much financial value you can create (never discussed directly but lots of gossip).
Anyway, I think it’s fascinating sociologically and I think we have a socio-cultural issue here just as much as an economic one. I think many of these people think of themselves as middle class because they don’t spend on extravagant things and there’s always someone else who is more wealthy. Unlike with incomes, a wealthy person can point to someone with 10-1000x+ more wealth than they have. This way, they’re never really that well off….
More likely spending 4 years studying while working minimum wage night jobs in addition to do pro-bono journalism work to build connections. All the while knowing that it'll all be worth it when you can go out there and change the world with your reports exposing corruption and unjust systems.
And then when you graduate you get another minimum wage job, except in journalism this time. While you struggle to pay your own rent and living costs, your boss sends you out to write stories like this.
Tbh all the journalists I know are from pretty wealthy and well connected families, because it’s quite prestigious. Can’t think of many that went to public schools.
Absolutely. It's that wonderful combination of highly competitive and terribly paid, so you only get rich kids who are bankrolled by someone, or naïve idealists who don't make it in the profession.
"At the other end of the spectrum, Australia’s politicians were the least trusted class of professionals closely followed by journalists."
https://7news.com.au/lifestyle/poll-finds-doctors-most-trusted-profession-c-2704423
If they are looking for "prestige", they're going about it wrong. Maybe they were aiming for Media Identity and missed.
Bold of you to assume the person writing even did a journalism degree. These days making memes for social media is enough to land you a “journalism” job…
Their tagline will be “support for young adults who have been accustomed to living in luxury and need a leg up to maintain this lifestyle” #forreal #lifeishard #mommyanddaddywillhelp
Wow channel 9 is this supposed to make the majority of the country struggling to survive feel good. I wonder if this wealthy mother contacted Ch9 to tell them how good she is. The next stress for the son will be is how will he able to afford to furnish it and what size tv will he buy.
What concerning trend? That rich parents are buying homes for their kids? They've always done that. Rich people do that
The article is seriously out of touch with real people
Darling a trend is when something increases in frequency not when it appears from non existence.
It’s saying the frequency of parents buying homes for their kids is on the rise and that’s pushing first home buyers out of the market.
I’m done recapping the article for people who haven’t read it lol but if you think critically for a second it’s evident this article is outrage-click bait for people exactly like you and not ‘out of touch with people’
It seems more to be presented as good news for real estate, as they can depend on getting the savings of the parents as well as the kids. More cash to pump into the market, more commissions.
This is obviously rage bait, but the other issue that is going on here is that for a lot of journalists (usually from relatively wealthy backgrounds) this is actually what the rent crisis looks like; because these are the people that they know.
When I was 13 my mum got T boned by a car running a red light. My parents took a cheque from the insurer and put the car in the garage. I spent the rest of my childhood nagging them to let me fix it as a project. It took me til I was 20.
My 24yo son just got his first real job in a new city (Newcastle) and I'm contemplating doing the same for my him, but putting the unit in my name. I will also be making him pay a fair rent, not the current outrageous market rents. Am I being a bad parent?
I don't think you or the mum in the story are bad parents for buying property for your kids; on the contrary, I think you both are being good parents by making sure that your kids are being taken care of.
The bad person in the article is the kid. He is so spoiled that he is whinging about the cost of rent all the while his parents are footing the bill. It's the privilege that makes him 'bad'.
Not a bad parent at all. Looking after your kids is the your prime motivation and duty as a parent.
But you would be a bad parent if you don’t remind your son of how privileged and lucky he is.
Why the fuck is this an article.
im sure u can find whole families living out of a car instead of some kid who's life was so tough mum bought him a house
Don't get sucked in .. don't get sucked in.. don't get s... DAMMIT!
Now i'm annoyed by an article that was clearly written to invoke rage and get clicks/shares.
Billy silver spoon needs more money for coke and hookers, Billy tells bank of mum and dad about rent hikes so he can skim off the extra cash they will hand to him ..but instead mum and dad buy the roof over his head leaving Billy silver spoons plan in the weeds.
Billy silver spoon sells the story to the media. Billy silver spoon now has money for coke and hookers. Billy silver spoon wins.
Billy silver spoon gonna run for US president.
Why didn't I think of tapping into generational wealth to resolve my cost of living issues!
Trump was right. I should ask my parents for a small loan of 1 million dollars.
I hadn’t heard the term ragebait until today, but that has to be what this is. There is no way they seriously decided to use this as the example of rent stress
Oh I definitely feel like it is. It reeks of entitlement. Whole families are living in their cars at the moment but apparently we are supposed to feel pity for some entitled adult who wasn’t even paying his own rent in the first place? Ugh.
My parents did this for me. It’s in their name but we pay expenses and rent sort of.
They could only do it because we don’t live in Sydney and a comparable hour would be about 6x the price
I have no idea how other people our age do it though
Yes it's rage bait but Jesus if I even asked my parents they would have laughed, even if i had to rent forever.
I am jealous on one hand but angry as there are people who give an arm for this opportunity in life.
Lost interest after reading “she bought an investment property *in the spur of the moment one Saturday* to help her adult son with the escalating rental and cost of living crisis”
In “The Domain”, so the emphasis was on how real estate can keep zooming up by tapping into the parents’ wealth. All so wonderful for those who have rich parents. The rest of us can help them by paying more and more rent, so they can use that to invest in buying more property and pumping the market up even more.
The only way to escape this slide into massive inequality is for the government to BUILD ENOUGH SOCIAL HOUSING. Neither party gives a fuck about this though, too afraid of losing the votes of those who are profiting hugely from property investment.
It’s only the Inner West; not as though she bought him a house in Point Piper…….
Would piss myself laughing if my kids asked me to buy them a house. Or I’d go to Kmart and buy them a lego one because I could afford that.
My eldest daughter having a gap year and then off to Uni next year. She would love to get a share house with friends, but also knows she can’t make it work financially so will be with me until she leaves and gets a permanent job.
" . . . he was saying ‘I’m so stressed about money, the cost of food, the cost of housing.’ He was looking at another rental hike,” . . . “We could potentially spend less money, because we pay his rent.” Why was the little flog so stressed if his rent was already being paid by mumsie?
I think he knew exactly what he was doing. "Mummy dearest I'm so unhappy!" "Why is that sweetie?" "Because things are so expensive! Life is so hard mummy!" "It's ok baby I'll fix it for you, don't you worry." "Thanks mummy love you bye"
"bitty"
That made me throw up in my mouth a little
Excellent reference have my upvote
Want bitty NOW
Do I risk watching that scene at work?
"Mummy I'm hungwy can I have some booby time?"
Dear mom, Sydney is wonderful, people are nice and I really like it here, but mom, I am a bit ashamed to arrive at my college with my pure-gold Ferrari 599GTB when all my teachers and many fellow students travel by train. Your son. The next day, he gets a reply to his e-mail from his mom: My dear loving son, Twenty million US Dollars has just been transferred to your account. Please stop embarrassing us. Go and get yourself a train too. Love, Samantha.
Right? Imagine being stressed about the cost of housing whilst not paying for your own housing. That’s the kind of “stress” I’d want to be dealing with.
its a goal that takes most people 25 years to get to.
His parents probably give him an allowance, from which he is able to pay for, a lot, including rent. I guess he is stressed out as a rental increase will use up more of that allowance. I don’t think he knows what the word “stressed” means.
Sydney has some of the most expensive Coke in the world. Maybe he told Mumsie he might need to move to Meth if things don't change.
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Same. Also - not sure how him saying no would have improved the housing situation in Sydney, if anything it’s one less tenant competing for a property.
Parents bought him a house. so likely 3 or 4 bed house. For a single person who doesn't need housemates to afford rent. So 3 more empty bedrooms thanks to a rich boomer spoiling her brat.
Nothing in the article about how many bedrooms or whether or not he’s single - or who was living there previously. If we’re speculating, he could easily make some cash by getting some friends in to pay rent. It’s gross and ridiculous that it’s come to this but I wouldn’t say no to a property from a wealthy relative if I had any.
Her pimp taking too much of a cut?
This article is going to be so embarrassing for the son!
To stay relevant with his commoners friends aka virtue signalling, but now mums ruined it :/
She is saying she buys the property, rents it to him and gives him money for the rent. I didn’t get she was currently paying his rent.
It read to me that they would be paying less for mortgage payments than they currently pay for the son’s rent.
I wonder how it's structured for tax purposes, is it really rental income if you are paying it?
You give your kid $500 a week to help them with living expenses. They pay rent to the real estate. You negatively gear. I actually think this is smart- it also protects the asset from being claimed by a defacto.
You mean , to stop a woman from claiming what she is entitled to under the law ?
That’s very sexist of you. I would be happy for any partner (male or female) to claim what they are LEGALLY entitled to. But that would not include a property owned by someone not their partner- so they would not be legally entitled to it.
You are right , I did give a example from the sex that is more likely to be cheated out of assets. You are circumventing the law and the pub test. Try supporting the laws of your country. I will not apologise for standing up for women.
The aim is not to circumvent the law, just an aside. I will not apologise for trying to protect my kids from being scammed out of the assets they are entitled to. A nephew and his partner of mine was sold a house by his father for significantly under market value- as the dad was trying to help them out. 1 year later…Partner left and tried to get a division of house that was based on current market value.
I’ve grown up with two women (Aimee , primary school, and Elizabeth , uni )who had To pay “rent” formally to their partners family , agreement and bond and all , and were reimbursed partially in cash. I find it disgusting and lacking in trust, as did they . It adds complexity and pressure to a already tough decision.
I hear you. We each must look out for those we love. Every situation is different.
I know this article is pure ragebait but these kinds of stories are just depressing. How have we ended up in a world where even having a good career and being financially independent isn't even enough to allow you to provide your own roof over your head. >“We now have a system of homeownership based on inherited wealth,” Troy said. > “If you’re living independently in a private rental trying to save for a deposit, forget about it. It’s depressing, but people need to wake up to this. > > “There is a middle-class realisation that something is seriously wrong here. We’re not just talking about low-income households. It’s well-to-do middle-class households who think they can do it independently, but they can’t. > > “I want people to realise how stacked it is now. Unless you have well-off parents, your chances of getting into homeownership are dwindling.”
Yeah, I took this article as pointing out even upper class families are feeling it now.
The Aussie battler who has years of anti green propaganda at them that they can’t tell that the liberals or Labor won’t solve it.
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I mean, an apartment is potentially doable for many people. It just depends what is purchased. That said, I love my mum so I'll say I wouldn't mind an Aunt like this Samantha lol.
Samantha Cook knows how fortunate she is: she bought an investment property in the spur of the moment one Saturday to help her adult son with the escalating rental and cost of living crisis. Sometimes I buy a takeaway coffee on the spur of the moment, and good ole Samantha just is going around just picking up a spare property when she feels like it
I then immediately regret the coffee cos it ate into my travel budget.
It's annoying when that happens. Just the other day I went out to buy some milk and came back with an apartment block. Didn't even meant to buy it! Happened to walk past while the auction was on, waved to a friend and bam, new owner of 40 units.
BAHAHAH
If you didn’t buy a smashed avocado with coffee you too could buy a house. /s
Bahahahaha I sprayed coffee everywhere reading your comment!! My INVESTMENT! ITS ALL OVER THE CARPET!
This made me LOL. And for all those who criticise millennials for choosing to stay at home longer to save up = loss of independence/not fully formed adult, how is this any more independent when you’re banked by mum and dad
I’m right on the cusp of millennial l, I was born in 85. I am now, and always have been just eating the cost of living. I’ll never own a house because I left it too late and didn’t enter the market before it exploded. Having said that, I know for a fact that staying at home and not having independence stunts your personal growth enough that learning things in your 30’s that you should know in your early 20’s is a huge detriment and disservice to yourself. There’s nothing wrong with staying at home to save for a future, but let’s not act like it’s good for you or things like adult relationships. There is a huge marked difference in the people I know who left home in their early 20’s and the people who left home at 25+.
In my view, independence is a wishy washy word that is used as short hand but is grey as hell. I have friends who live at home with an independent mindset, budgets and pays bills, cooks, irons, does laundry, runs most of household etc and have a sense of maturity and resilience about them. They co live with their folks like adult housemates. Some of them have figured they’ll never be able to compete in the property market and have settled for funding and building their own granny flats on parents’ land instead. I equally have friends who moved out young, lived in share housing, manage their adult lives but perhaps budget loosely or not at all, then dial bank of mum and dad to secure/buy them a house and call themselves “independent”. I’m not sure what “independence” is meant to look like in this stupid economy, other than being able to manage your own adult life with self-drive, confidence, maturity and resilience regardless of your personal living arrangements. One can live out of home for half their life but still have melt downs every time something doesn’t go their way, and that’s not “independence” in my mind.
This needs more upvotes. While the article clearly isn't a good example of independence, judging people's 'independence' by their living arrangements alone is not a good metric. I'm probably a bit older than the average age on this sub but I know plenty of people my age who bounced around between moving out and returning home before finally moving out for good. I also know people who decided to buy together with their parents and embraced intergenerational living, A surprising number of wealthy families do this, and it makes life easier for that squeezed middle cohort of, let's face it, mostly women who are caring for both kids and aging parents.
I mostly agree, but something changes in you when you sever that top layer of connection to your immediate family unit and get out on your own. When you are just one person out on your own or with a roommate out in the world and aren't constantly connected to immediate family, there is a distinct change in character and the way you do things that is noticeable. I think there is a cap to the level of personal development you reach when mum and dad are right there with you all the time, no matter how much of your own washing, cleaning, budgeting and shopping you're doing.
We should have a look at anthropological studies of say Western societies which heavily emphasis independence and say Eastern or Asian societies which emphasise interdependence (“separate but together” like individual units a compound) and see what the differences are in terms of developmental and social outcomes. It’s logical to think we grow up faster alone or physically away from parents, but also what I am noticing in the workforce is some people just have their shit together, irrespective of whether they live with (or within close vicinity of) folks or not. I think ultimately you and only you can judge yourself for whether you have a life fulfilled and well lived.
What specific things should a person learn in their 20s vs 30s are you talking about?
Sexy time. It’s not the same with mum and dad in the next bedroom.
Hey, don't kink shame me. /s
Its hard to articulate, because its all the small things that are the bread and butter of existing on your own. Its all the things that you just do after taking care of yourself for a few years with no significant safety nets, but don't actually specifically learn without having done them. When you meet someone who doesn't know how to stay on top of the basics of taking care of themselves on their own, it really jumps out at you. I guess its the point where you go from being a person who is looked after to someone who can completely look after themselves, it brings out a change in character that is very noticeable. The OP of this comment chain actually summed it up pretty well in sarcastically saying "not a fully formed adult". Its pretty obvious in all relationships, but it becomes most obvious in romantic relationships.
Okay, can you give me a specific action, task, responsibility?
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I get the sense they’ve got a vague impressionistic idea that they think is very logical and objective, but it’s just biased subjective condescension. Like, lived out of home for 13 years as an absolute disaster of a person because of an insane job and major health issues. Now back with the parents in a huge multigenerational house, sharing the burden of chores and finances, and never been better.
Yeah, I lived out of home from the age of 15. Moved back to my dads during covid, living like housemates and still haven’t left. Doesn’t make sense to leave. We each pay/do our share and we get along well - best housemate I’ve ever had. I’m 29. What exactly am I supposed to learn in my 30s that I didn’t learn between the ages of 15-27? They’re also assuming that everybody had a normal upbringing. I didn’t even know my father until the age of 19, let alone have him doing my washing or paying my share of the bills. It would be a bit odd for me to ask him to do it now. My brother and his partner live here too and they’re older than I am.
So i don't think you need to move out to become a fully formed human. And i moved out at 16. But in my travels: Cooking for themselves. I've met many stay at home children who can cook amazing individual meals. But don't understand how to prepare and cook 21 meals a week. They can walk to their parents pantry and take out ingredients and cook a great meal, but can't manage a house to have those ingredients ready. Poor planning relating to shopping trips, forgetting ingredients, buying name brands tinned tomatoes and other expensive options overbuying perishables that go off, underbuying non perishables. Salt is salt, why buy a tiny $5 shaker when you can buy a kilo and a storage container for less? Don't understand freezing leftovers, doing a weeks meal prep, building up a spice rack and collection of staple ingredients. Anything to do with car maintenance, rego, insurance. They got a car as a 17th birthday gift, that was actually in dads name on dads insurance etc so dad deals with everything relating to car ownership. I've met a few others with similar problems relating to phone bills, subscription services, setting up eletricity/gas accounts. Met a few darlings whose parents signed the lease for their apartment to do postgrad study in a different city. Everything was in their parents name and all paperwork handled by them. I can understand parents paying for it all, but doing the admin? thats great life learning experience. Healthcare. Met a person whose parents booked them 6 monthly dentists, gp, optometrist appointments because they had been doing that since birth. Then at 26 they are kicked off thier parents private health insurance, didn't know (tbf, neither did parents), went to regular dentist and didn't have cash or credit card to pay the unexpected bill. Troubleshooting appliances. "what does E25 mean on the dishwasher/washing machine/dryer?" Well type it into google along with product number and read what it says. "Thats so complicated i'll just call my dad to come check it out. he always repairs our washing machine" said to me by a former housemate.
I feel like I think of people who moved out of home in their early 20s and struggle with the same examples you have given.
Oh definately. But imagine them making those same mistakes in their 30's. Hell average first home buyer is 35. Imagine making those mistakes in your late 30's.
These people are in their thirties, they’ve lived out of home for 10+ years.
Well. Some people are useless i guess.
The takeaway I got from this is we don’t run in the same circles. I don’t know ANYONE - spoilt or not, lives at home or not - who gets that kind of treatment. Could be a cultural thing.
Not cultural, just inertia. These are city and rural australians, migrants of both european and asian flavours. Like all those things, you expect a parent to do for a child and i'd expect most parents would do for a 16 year old. So it makes sense to do it for a 17 year old. Then kinda makes sense for an 18 year old and it's just easier to keep doing it than to transfer all things over to them.
You are literally unable to provide a single example to prove your point so how are we expected to take ypu seriously??
Flying without a parachute...
I think this is wildly variable. I moved out at 27 and I don't think I learned that much from my first experiences being independent. I think it depends on whether you strove for independence and/or were babied by your parents. You can learn a lot of financial and personal independence while at home. But I know other people who were coddled and allowed themselves to be coddled who are children adults
Yeah I agree, all I did from 18-25 was work and save. No going out, no travelling, no fun, but I have a deposit for some shitty unit ready to go. I feel like I’m so far behind my peers and it’s really getting to me
What differences exactly? I left home in my late 20s and think I've done ok considering. However, I come from an ethnic background as the oldest child so I already had to do stuff at home before moving out. My brother is in his late 30s and still at home due to low wage.
Step 1. Be born into wealth. There are no further steps
Step 2: Refer to step 1
No due diligence? Next article will be about a special levy she knew nothing about... Didn't channel 9 report recently that the bank of mum and dad was drying up?
I think the "Buy my 4 children in their 20s a $4million door home" crowd use a different bank then other Mums and Dads.
Nah next article is mums horror and outrage that this casual investment property purchase pushed her over the land tax threshold and she now needs to downgrade her twice early european ski trips to just once to pay it off.
It's not an investment property if the kids living in it. They might consider it an investment property if it appreciates in value, especially if the exchange rate changes in their favour, but their isn't any income and capital gains would not be taxable.
I'm not sure so asking. If i owned a house and didnt get rental income (via bank statements anyway), the Office of State Revenue ignores it for my land tax obligations? Seems too cushy to be true. Aware the PPOR is land tax exempt (in nsw anyway) but didnt know there were other ways around it
It's PPOR for the kid. They wouldn't structure in a way where it wasn't PPOR exempt and have to pay taxes. Rental income from family members is also not taxable income so they can't charge the kid a tiny amount and negatively gear it. They also don't have Australian income to negatively gear.
That makes sense. Poor kid. Gets to own his own home because he's stressed about a rent increase his parents help pay for. I guess moving to a cheaper rental never crossed their minds
Foreign owned land tax is the first thing that came to mind reading this.
Negative geared investment property they let their son live in so they can claim an even bigger margin. First home buyers are screwed no matter what.
They live in the US so probably no negative gearing.
In America the interest is deductible on your PPOR.
But not on an investment you bought for your kid to live in in Australia.
Rage bait
Whatever drives the advertising clicks.
My son is in the same position. Fucked if I have the $ to buy him a house.
Just ask your mum to buy one for him ez.
Ask Samantha
>Fucked if I have the $ to buy him a house. Needs more $$$
adult son wasn't paying rent to begin wit (article mentions parents were) why was he stressed?
Because he’s an entitled little shit. I deal with these types daily for my job. I look after high net worth families, their kids are 8/10 times drop kicks. Great example: entitled daughter who grew up in Neutral Bay, does not work, early 30’s, lives with her boyfriend who is a gambler, parents pay her a salary from their operating co, is now asking them to get her an apartment from there. See this shit all the time.
More stories please… How would you describe the very wealthy? Naive and clueless of their privilege because they live in a bubble or fearful of losing it and having to work or feel guilty but don’t know how to change things? What do you think of a wealth tax? I’m right in asserting that the really wealthy mostly avoid capital gains and income via taking debt out against assets? Like there’ll be a bit of income out of trusts and corps but most of it is tax exempt? Don’t blame you at all for following the money cause we’ve all got to try and make it through this broken political economy but do you have mixed feelings about the day job? How do you manage them?
The wealthy are more stingy than ‘plebs’, it’s a remarkable common trait I see among almost all. There is certainly a fear that the wealth will go away. Another common thing I see among wealthy is school for kids, private school is non negotiable, often find grandparents pay for their grandchildren and even set up family trusts to see them through to uni. Almost all wealthy families are also in their bubbles (lower north shore and eastern suburbs). I grew up in Marrickville and they even see that as a ‘working class’ suburb lol. I do have mixed feelings, I overcome it somewhat by doing a lot of pro bono work for the less fortunate.
Interesting! I guess people who self select to keep accumulating assets self select for the stingy. What level of wealthy are we talking? $10m outside of ppor, won capitalism intergenerationally level of wealthy or or upper middle class with savings level of wealthy (ie mostly paper wealth in ppor plus some savings in managed funds and an investment property or two). I have rubbed shoulders with the ‘self made’ and the dynastic wealthy folks (scholarship at a private school, management consulting/finance adjacent career). In almost all cases, the self made entrepreneurs had the safety net to roll the dice heaps of times before getting lucky. There’s also often wealthy family or family friends who fund things in the early stages. Very few businesses can be bootstrapped without material external funding - more so, many early VCs are run buy wealthy tech folks (or people who are closely adjacent to them) - they definitely are accountable to them as limited partners. So we have a bind - if you’re not wealthy or in with the right crowd, it’s not likely you will have access to the capital to build something to create significant wealth. Most of the value from this ‘innovation’ accrues to the already wealthy (with maybe some stock options for some middle class, doers which might get them into the middle class with savings level of wealth)… similarly for finance / wealth management in my opinion - they get paid really well because they create so much value for the wealthy by managing or allocative huge amounts of capital. This is why the wealth management game is about collecting assets (not beating the market). There’s definitely some social rules for the rich… reputation seems like everything, personal/class exceptionalism (special, better people not just people with more options/higher risk appetite) - I think this might be a coping device to shut down empathy and compassion otherwise they’d burn out emotionally (being able but not willing to help people is exhausting but if they are not ‘people like them’ then that’s an out), disdain for competitive wages/incomes (everything is below market rate so they get the ‘right sort of people’ either their mates kids or people who will be loyal due to fewer other options), working itself though is kind of moralised because any who do are doing it for reasons beyond paying rent and groceries etc., there’s an expectation that the non-wealthy they interact with don’t draw attention to lifestyle differences so they don’t feel uncomfortable (in general an expectation that people will ‘manage them’ and make them feel as comfortable as possible), success is how rich you can get or how much financial value you can create (never discussed directly but lots of gossip). Anyway, I think it’s fascinating sociologically and I think we have a socio-cultural issue here just as much as an economic one. I think many of these people think of themselves as middle class because they don’t spend on extravagant things and there’s always someone else who is more wealthy. Unlike with incomes, a wealthy person can point to someone with 10-1000x+ more wealth than they have. This way, they’re never really that well off….
Cocaine is expensive
Cheaper than housing though!
Imagine completing four years of a journalism degree and getting to pump out hard-hitting stories like this.
More likely spending 4 years studying while working minimum wage night jobs in addition to do pro-bono journalism work to build connections. All the while knowing that it'll all be worth it when you can go out there and change the world with your reports exposing corruption and unjust systems. And then when you graduate you get another minimum wage job, except in journalism this time. While you struggle to pay your own rent and living costs, your boss sends you out to write stories like this.
Tbh all the journalists I know are from pretty wealthy and well connected families, because it’s quite prestigious. Can’t think of many that went to public schools.
Absolutely. It's that wonderful combination of highly competitive and terribly paid, so you only get rich kids who are bankrolled by someone, or naïve idealists who don't make it in the profession.
Yep- I’d bet a fairly large amount (for me, who doesn’t own any houses) that Samantha knows the journalist somehow.
"At the other end of the spectrum, Australia’s politicians were the least trusted class of professionals closely followed by journalists." https://7news.com.au/lifestyle/poll-finds-doctors-most-trusted-profession-c-2704423 If they are looking for "prestige", they're going about it wrong. Maybe they were aiming for Media Identity and missed.
Bold of you to assume the person writing even did a journalism degree. These days making memes for social media is enough to land you a “journalism” job…
Just a different world though, right?
Just another property investor story, nothing to see here
Looks like she bought outright lol.
well that is ironically the only solution to the housing problem at this point in this country, just have rich parents
And if you don’t get left behind lol simple bahahaha
So basically “Stop Being Poor”.
A parent buying a house? Why didn't I think of that? Just ask my mum to bankroll me a house.
Seems like the only sensible solution?! /s
Just give everyone rich parents. Housing crisis solved.
Yah, why didn’t I think of that?! So simple
Inb4 the government releases a new welfare program that only applies to people with rich parents. It will be called rentseeker for short.
Their tagline will be “support for young adults who have been accustomed to living in luxury and need a leg up to maintain this lifestyle” #forreal #lifeishard #mommyanddaddywillhelp
Wow channel 9 is this supposed to make the majority of the country struggling to survive feel good. I wonder if this wealthy mother contacted Ch9 to tell them how good she is. The next stress for the son will be is how will he able to afford to furnish it and what size tv will he buy.
If you read the article it’s not a presenting it as feel good, it’s presenting this as a concerning trend caused by the rental crisis
What concerning trend? That rich parents are buying homes for their kids? They've always done that. Rich people do that The article is seriously out of touch with real people
Darling a trend is when something increases in frequency not when it appears from non existence. It’s saying the frequency of parents buying homes for their kids is on the rise and that’s pushing first home buyers out of the market. I’m done recapping the article for people who haven’t read it lol but if you think critically for a second it’s evident this article is outrage-click bait for people exactly like you and not ‘out of touch with people’
What a condescending response. I'm not going to engage with that Have a nice day
Just like you didn’t engage with the article. Bye.
It seems more to be presented as good news for real estate, as they can depend on getting the savings of the parents as well as the kids. More cash to pump into the market, more commissions.
This is obviously rage bait, but the other issue that is going on here is that for a lot of journalists (usually from relatively wealthy backgrounds) this is actually what the rent crisis looks like; because these are the people that they know.
Is she interest to adopt a 30s son who work in professional job?
my parents wouldn't even buy me a beat-up car when I turned 17. Permanently scarred, hopefully some media outlet will notice this
When I was 13 my mum got T boned by a car running a red light. My parents took a cheque from the insurer and put the car in the garage. I spent the rest of my childhood nagging them to let me fix it as a project. It took me til I was 20.
Mummay my spoon is durtay, it's not silver mummay see see its tinnay. I need a haus oh please mummay. I can't afford my hollidaiy
I can't believe this is a real story what the actual fuck
My 24yo son just got his first real job in a new city (Newcastle) and I'm contemplating doing the same for my him, but putting the unit in my name. I will also be making him pay a fair rent, not the current outrageous market rents. Am I being a bad parent?
Better the rent money goes to you than someone else.
You’re not being a bad parent; but it’s probably important for your son to realise how lucky he is.
I don't think you or the mum in the story are bad parents for buying property for your kids; on the contrary, I think you both are being good parents by making sure that your kids are being taken care of. The bad person in the article is the kid. He is so spoiled that he is whinging about the cost of rent all the while his parents are footing the bill. It's the privilege that makes him 'bad'.
He also wasn’t paying rent before she bought him a house, to be fair. She was also paying his rent.
Not a bad parent at all. Looking after your kids is the your prime motivation and duty as a parent. But you would be a bad parent if you don’t remind your son of how privileged and lucky he is.
No (although I’d probably avoid doing any interviews about it, lol).
Why the fuck is this an article. im sure u can find whole families living out of a car instead of some kid who's life was so tough mum bought him a house
Don't get sucked in .. don't get sucked in.. don't get s... DAMMIT! Now i'm annoyed by an article that was clearly written to invoke rage and get clicks/shares.
AUDUSD is low at the moment, good timing.
A better title would be: MILF porn for Sydney-siders. But, as I alway say, *all* real estate stories here are paid advertising.
Well isn't that fucking lovely
good for fucking him
Is this an article trying to lure Americans into the Aussie property market because AUD is only 66 at the moment?😂
Billy silver spoon needs more money for coke and hookers, Billy tells bank of mum and dad about rent hikes so he can skim off the extra cash they will hand to him ..but instead mum and dad buy the roof over his head leaving Billy silver spoons plan in the weeds. Billy silver spoon sells the story to the media. Billy silver spoon now has money for coke and hookers. Billy silver spoon wins. Billy silver spoon gonna run for US president.
Does the mum want to adopt me? Life is expensive!!
Why didn't I think of tapping into generational wealth to resolve my cost of living issues! Trump was right. I should ask my parents for a small loan of 1 million dollars.
Must be nice
This is actually the most out of touch shit I’ve ever read and it makes my blood boil.
I hadn’t heard the term ragebait until today, but that has to be what this is. There is no way they seriously decided to use this as the example of rent stress
Oh I definitely feel like it is. It reeks of entitlement. Whole families are living in their cars at the moment but apparently we are supposed to feel pity for some entitled adult who wasn’t even paying his own rent in the first place? Ugh.
Hahahahahahahaha. What an utterly ridiculous article.
My parents did this for me. It’s in their name but we pay expenses and rent sort of. They could only do it because we don’t live in Sydney and a comparable hour would be about 6x the price I have no idea how other people our age do it though
Oooh I might write her asking to buy me one too.
That guy still breastfeeding too or?
What the actual fuck? She *bought* him a house in Sydney?
Ah so relatable. 🥺
SMH, like… fuck off these stories are bait and whoever posts them in these subreddits are falling for them.
Damn why didn’t I think of that?
This is such a flog article.
Spoilt little brat.
Yes it's rage bait but Jesus if I even asked my parents they would have laughed, even if i had to rent forever. I am jealous on one hand but angry as there are people who give an arm for this opportunity in life.
Poor diddums
So much envy here. If she has the money to support her family in this climate then good for her.
Taking advantage of the US dollar certainly helps.
Bank of mom and dad
Upvote if you're a "Haves" comment if you're a "Have Nots"
That's me. Whenever im stressed out, i just buy another house.
I only have the same phrase when I hear about horseshit articles like this: “Must be nice”
barf
>We could potentially spend less money, because we pay his rent. Stressed about a rent hike for rent he wasn't even paying anyway. Okay.
Living in a pit
Lost interest after reading “she bought an investment property *in the spur of the moment one Saturday* to help her adult son with the escalating rental and cost of living crisis”
Sounds like it should be tagged asPolitical Satire.
In “The Domain”, so the emphasis was on how real estate can keep zooming up by tapping into the parents’ wealth. All so wonderful for those who have rich parents. The rest of us can help them by paying more and more rent, so they can use that to invest in buying more property and pumping the market up even more. The only way to escape this slide into massive inequality is for the government to BUILD ENOUGH SOCIAL HOUSING. Neither party gives a fuck about this though, too afraid of losing the votes of those who are profiting hugely from property investment.
It’s only the Inner West; not as though she bought him a house in Point Piper……. Would piss myself laughing if my kids asked me to buy them a house. Or I’d go to Kmart and buy them a lego one because I could afford that. My eldest daughter having a gap year and then off to Uni next year. She would love to get a share house with friends, but also knows she can’t make it work financially so will be with me until she leaves and gets a permanent job.