PHOTO: Is it as hard to get into property as you think? Image: Getty

There are always stories about housing affordability in the media.

And this seems to be dividing us into a nation of those who are property owners and those who believe property will always be unaffordable.

During booming market conditions it was all about being priced out of the market by greedy property investors and foreign buyers.

Then when the market slowed, the conversation turned to negative gearing and how it was keeping the rich richer, and stopping others from stepping onto the property ladder.

Now that our housing markets have slowed during Covid-19, we still hear the trials and tribulations of first homebuyers who are struggling to save a deposit.

So what’s the real story about property in Australia?

I keep hearing cries that the Baby Boomers had it easy when they were looking for a home, but that’s not really the case.

Bank lending criteria were just as strict back then and interest rates were usually in double digits, even reaching 17 per cent in 1989.

And Baby Boomers could rarely rely on the bank of Mum and Dad as their parents lived a frugal life, with many of them having learned their money habits during the depression.

This meant Baby Boomers had to learn the art of delayed gratification realising that ‘once it’s gone there’s no more.’

But society has changed, and the younger generations are living in a much faster world and have different expectations.