A 13-year-old Aussie schoolboy already fears he will never get a foot on the property ladder as the national housing affordability worsens.
School, homework and girls are the least of Sebastian Munoz-Najar’s worries.
Instead, the 13-year-old from Adelaide is more concerned that he will likely be well into his 40s before he can afford to put down a house deposit.
‘It will be impossible for me or anyone from my generation to afford to buy a house, which makes me disappointed and sad,’ Sebastian told the Daily Mail.
‘None of politicians or law-makers seem to be doing anything about it. Unless changes are made, it won’t be feasible for me or anything else to own a home.’
After crunching the numbers, he estimated the average price for a house in his hometown will rise from $940,000 to $1.6million by the time he turns 25.
That figure could skyrocket to $5.5million by his 40th birthday, based on the 6.8 per cent annual growth of house prices predicted by CoreLogic.
While it took his parents’ generation four years to save for a five per cent deposit, Sebastian estimates that it will take him about two decades to raise $1.1million.
Sebastian Munoz-Najar, 13, already fears that he will never be able to afford the Great Australian Dream of home ownership
The average price for a home in Adelaide is expected to rise from $940,000 to $1.6million by 2035. And the schoolboy isn’t the only young person worried about house prices
Sebastian hopes to study science or engineering at university, but fears he will still struggle to save for a deposit, even if he scores a high-paying job when he graduates in or by 2035.
While house prices in Australia have skyrocketed by 193 per cent in the last two decades, wages have only risen by 81 per cent.
And Sebastian is not alone in his fears about housing affordability.
Monash University’s Australian Youth Barometer national survey found 79 per cent of 18 to 24-year-olds believed they would be financially worse off than their parents, while 42 per cent thought they would never own a home.
Sebastian recently launched the Right to Housing website to highlight the dire housing affordability crisis facing younger generations.
The neurodivergent teen has called for the capital gains tax discount for investors with multiple properties to be scrapped.
Sebastian also wants an end to negative gearing beyond one investment property.
Negative gearing is when the costs of owning an investment property exceeds the income it generates.
Sebastian is calling on the Anthony Albanese (pictured) and the government to do more to fix housing affordability
While it took his parents’ generation four years to save for a five per cent deposit, Sebastian (pictured) estimates that it will take him two decades to raise $1.1million
The teen called for called for capital gains tax discount for investors with multiple properties to be scrapped. He also wants an end to negative gearing beyond one investment property
‘Both of these things would make a big difference and could help solve the housing crisis,’ Sebastian said.
‘Homes should be places to live, rather than investment properties.’
Figures show 135 out of 226 federal MPs and senators own two or more properties, while 48 collect rent from a combined 71 investment properties.
Sebastian has also set up an online petition calling for change.
‘House prices grow at 6.8 per cent a year. My wages will grow at per cent. I was never supposed to catch up,’ he stats on the petition.
‘This isn’t bad luck. It’s arithmetic. And someone built it this way.’
The petition has attracted more than 11,500 signatures in three weeks, with supporters commended Sebastian’s proactive calls for change.
‘My eldest nephew is the same age as you, and these stark (albeit necessary) reminders of how things are going to be for the next and future generations need to be raised with the government,’ one supporter wrote.
Another wrote: ‘This human right is already being messed with due to these rising prices. I am 16, a part of the Australian youth, and I am having to worry about this. Having a 13-year-old worry about this is cruel.
A third share: ‘I am struggling to afford to pay rent, let alone even dream of owning my own home, so I dread to think of what it could potentially be like in the future.’
Sebastian set up the Right to Housing website to highlight the dire housing affordability crisis
Sebastian has spent the school holidays writing to every federal MP lobbying for change and preparing a submission for the Senate Select Committee on Intergenerational Housing Inequity.
Independent MP Andrew Wilkie was the first MP to respond this week.
The schoolboy has urged other teens to write to their local MPs as he issued a blunt message for Albanese.
‘We’ll be voting in five years’ time,’ he said. ‘Many young people like myself are very concerned about this issue.
‘I hope politicians and law-makers will make necessary changes and fix the affordability crisis.’
Sebastian has the full support of his parents Ed and Rachael.
‘I’m enormously proud that in the space of a few short weeks, he has created awareness and that people are getting behind the campaign,’ Mr Munoz-Najar said.
‘It’s unfair that kids are stressed about housing at their age.
‘We can’t raise a generation that has no positive hope for the future.’
