The Cornish-Templeton family has lived in Melbourne for decades, with each member's journey to buying a home becoming more difficult.
Neil and Jenny Cornish, along with their children and grandchildren, have all bought homes in Melbourne over the past five decades.When Neil Cornish was a young boy in the 1950s, he and three friends built a model village in the backyard.Over two years, the village grew larger and larger, and the young owners became more aspirational.Then one day, the four boys decided to introduce more 'coins' into the system."It seemed just to deflate the whole thing," Neil says.
Little appears to have changed on the property, Megan says, although the yellow exterior walls — which she insists were taupe — have been repainted.It took Megan and Damian six years to save the deposit while bringing up two small kids, but Megan says there was never a concerted effort to save.That was not the case for their son Daniel Templeton and wife Emma, who were desperate to escape an increasingly expensive rental market when they bought in mid-2024.
By 2024, the year Daniel and Emma purchased their house, that figure had risen to 46 per cent – nearly double the proportion their grandparents were spending. By mid-2024, CoreLogic's model found the average Australian household was spending half of their income on home loan repayments when they bought a median-priced home, and it took them just over 10.5 years to save a 20 per cent deposit.Ms Owen says worsening affordability has resulted in Australians having children later, and spending less on education, upskilling, recreation and entertainment.
"We kind of need to wean Australians off the capital growth that comes from property in a way, and that means providing other investment alternatives, and other ways to grow wealth," she says.Thinking back on how he and his friends ruined their childhood game by flooding the toy village with coins, Neil wonders if the same mistake has been made in the real world.
"We've got 60 years of evidence that shows anything that allows Australians to pay more for housing than they would be able to otherwise results in more expensive housing, not in more people owning that housing."
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