Add articles to your saved list and come back to them any time. Such a great article from Victoria Devine (“ Boomers, don’t say you had it worse ”, July 7). She highlighted the important fact that today an average mortgage is eight times the annual salary.
I clearly remember the 17 per cent interest rates in the ’80s, when the average mortgage was only three times the annual salary. I would never suggest to anyone trying to get into the property market that “we had it worse”. I absolutely acknowledge the financial stress of the current generation and my heart aches for them.
Pam Ayling, West Pennant Hills Work in the finance industry for long enough, and you’ll regularly hear boomers piping up about how high interest rates were back in their day. Credit: Dionne Gain Born in 1944, I am a pre-Boomer, yet I agree with Victoria Devine that younger people are doing it terribly tough because of the cost of putting a roof over their head. Recent government policies covering taxation, city planning and migration have been grossly negligent, driving housing demand without regard for housing supply.
I suggest the younger generations should become interested in politics and seek better options for social housing, tax reform, better city planning including diversification away from the major east coast cities and reduced population growth through reductions in immigration. It will take policy change in all these areas to make a meaningful improvement. Andrew Bain, Broulee T.