Stop hoarding and start sharing, boomers told
Federal Treasurer Peter Costello says baby-boomers should help their children to buy houses, as indicators show it's more difficult than ever for first-home buyers to get a foot in the market. Recent house price gains mean the older generation has the capacity to help their children, he said.
House prices have more than doubled in the past few years, which Mr Costello described as “an absolute windfall” for baby-boomers. This generation is sitting on a very large accumulation of wealth in its properties, he said.
Mr Costello warned, however, that the prospects for investment property owners in terms of further capital gains are not bright. There are signs of housing oversupply and prices have decreased in some sectors, notably units.