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Tom Panos warns of worrying trend he’s seen at Australian auctions

Property expert Tom Panos has spoken out about a worrying trend he has seen at auctions across Australia.

“When I go to an auction and I see someone under 30, unless I see a mom and dad next to them, I think, ‘They don’t have a chance,’ he told 2GB’s Ben Fordham.

“And it’s very sad to see that some of the people who are buying real estate today under 30 are people who are on OnlyFans.

“We have reached the stage where, if you are 18, it will take 20 years to get a deposit for a home, while for a house it is 40 years.”

Mr Panos added the average age of Australians taking out a home loan is now 32, up from 23 in 2009.

Tom Panos warns of worrying trend he’s seen at Australian auctions

Auctioneer and property guru Tom Panos (pictured) says young Australians have “zero chance” of buying property unless they are funded by their parents or “on OnlyFans”.

Mr Panos said if he saw anyone under 30 not surrounded by their parents, he immediately lost confidence in their ability to win the auction (stock image)

Mr Panos said if he saw anyone under 30 not surrounded by their parents, he immediately lost confidence in their ability to win the auction (stock image)

“In my day, I remember the dream was that you would reach 60-65 and have your house paid off. It was the dream of the average Australian,” Mr Panos said.

“These days the dream is, ‘I’ll have to reach this age to actually post bail,’ so you can understand why people get so discouraged and give up.”

Parents helping their children make deposits also affected their own retirement savings, Panos said.

“I look at people who are, say, 60 to 65 years old. If they want to live to age 80 or 90, making lump sum deposits of $100,000 to $200,000 changes the retirement trajectory for most individuals.

Mr Panos said rising house prices were forcing essential workers out of Australia’s major cities.

He added the average age of Australians getting a home loan was now 32, up from 23 in 2009 (stock image)

He added the average age of Australians getting a home loan was now 32, up from 23 in 2009 (stock image)

“I know teachers and nurses who can’t rent or buy a house,” he said.

“There is no going back when a society says we can’t help a teacher or a nurse more, there is no going back for society.

“It’s contrary to the social fabric of Australia.”

He said the main driver of rising house prices was rising immigration.

“Immigration is a very good thing, it helps a country to progress, it is good for security,” Mr. Panos said.

“However, I think (Australia should) hit the pause button and say, ‘Hey, if we only have 1,000 houses, why are we letting 1,500 people in.’

“So I think the simple solution is a pause or a reduction until we address this housing issue or move forward in that direction.”

Over the five years, 1.38 million net migrants are still expected to settle in Australia, Treasury documents show.

Median house price has increased in Australian capital cities over the past year

SYDNEY: Up 10.7 percent to $1,414,229

MELBOURNE: Up 3.3 percent to $935,049

BRISBANE: Up 15.9 percent to $909,988

PERTH: Up 20 percent to $735,276

ADELAIDE: Up 13.2 percent to $785,971

HOBART: Up 0.9 percent to $692,951

DARWIN: Up 0.4 percent to $573,498

CANBERRA: Up 2.5 percent to $964,136

Source: CoreLogic data on median house prices through March 2024

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