Parents and grandparents who bought their first home with ease are hoping the slide in affordability can be reversed for the sake of the younger generation
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Pete Muskens, a 71‑year‑old retired architect from Melbourne, has watched Australian homes transform from places to live in to money-making assets pushing younger generations to the brink.
He bought his first terrace house in Melbourne in the early 1980s for about $30,000 – less than three times the average annual wage at the time – a level of affordability that is unimaginable for his two adult children.