UQ Diaries

Age: 24
Degree: N/A (UQ staff member)
Occupation: Administrative officer
City / Town: Brisbane

Home ownership seems like a far-off dream, one I may not be able to achieve in this lifetime, unless I want to entirely relocate to a rural area, which means finding a new job, moving from my family and friends, lack of culture etc. I am still saving for it, and have been since I was a teenager, but honestly, with the rise in cost of living, having to pay rent and the cost of housing being exorbitant, I really can't see it happening. The uncertainty of renting is daunting – I would like to have a family and settle down, but I don't feel comfortable doing so in a rental property. In a less important aspect, I feel that I can't make my home truly my own while I rent and, basically, I'm living in a shell of someone else's life.

Age: 35
Degree: Master of Food Science and Technology
Occupation: Food tech and trainer
City / Town: Brisbane

The dream definitely feels like it's moving farther and farther away. I started off wanting a house, then a townhouse, now I'd be happy just to be able to buy a unit somewhere in a good Brisbane suburb. Cost of living is through the roof and it's slowing down my saving speed. But, I continue to march on and remind myself that it's a dream that might take a while to come true!

Age: 40
Degree: Bachelor of Arts (Honours) / Bachelor of Education (Secondary)
Occupation: Higher education administration
City / Town: Brisbane

Verging on giving up. At 40, well-educated, well-employed and on dual income, my husband and I continue to struggle to meet the gateway requirements (i.e 20% deposit) for home ownership. With escalating property values, the bar keeps shifting and no matter how close we get, we’re never close enough. We keep trying because paying for housing as a retiree keeps me up at night. But the possibility? It seems very, very out of reach.

Age: 35
Degree: Master of Public Health
Occupation: Healthcare consultant
City / Town: Brisbane

My partner and I have no desire to own a home (ironically his family is in mortgage broking!). Prices are so high and there seems to be many other costs involved, more upkeep efforts, and we don't want to necessarily commit to one suburb for 10+ years when things change so quickly these days. I think if we had more of a passion for renovation or decoration it would be more appealing. Or if we had children. I see the appeal of certainty too. But for now, it's not something we are working towards at all.

Age: 27
Degree: Bachelor of Arts
Occupation: Receptionist
City / Town: Brisbane

Striving towards owning an apartment with a friend. We've both been good with finances, so had a lot saved already before we even knew each other. I'm currently looking for part-time work while returning to study in the hopes that it makes me look better to a real estate agent and the bank for mortgage, and she has a full-time stable job. Due to how the rental market is looking over the next few years, we believe it is more sensible to own rather than rent, since it is less worry than having to move while studying over the next 6 years.

Age: 33
Degree: Doctor of Philosophy
Occupation: Assistant Professor
City / Town: Brisbane

Trying to save and having a good credit history to get approval for a home loan. The dream was close but after my husband lost his job we are now at square one. Unfortunately it's not achievable to own a property on some single incomes. It also feels like we are racing against time. We need time to save and buy, however prices also keep going up, so it feels like we will never get there.

Age: 42
Degree: Bachelor of Music
Occupation: Public servant
City / Town: Brisbane

I'm grateful to have had realistic expectations, not simply about what I can afford but, more importantly, what I need to buy. Those suffering most from financial hardship have largely been those who over-extended themselves, spending more than they had on more than they needed. Personally, I've found it liberating to be living in a cosy apartment with a relatively tiny mortgage, and without feeling the need to prove anything to anyone. In my social circle, those who were striving for their dream house have realised they are in over their heads, as they were unable to distinguish their dream from their reality.

Age: 29
Degree: Bachelor of Science
Occupation: Research technician
City / Town: Brisbane

Between rate hikes, rising cost of living and the Australian dollar becoming weaker than my grandma, it has definitely been very challenging. I hope it will be all worth it in the end. While I no longer deal with property managers or landlords, I now get sent lovely bills from the council for rates and water instead. Both just as stressful.

Age: 66
Degree: Bachelor of Medicine, Bachelor of Surgery
Occupation: General practitioner
City / Town: Caloundra

I own my home. I bought my first home in 1983 when the purchase price ($63,000) was equivalent to my annual income. I purchased another home in 1993 when the purchase price ($165,000) was still equivalent to my annual income. I purchased my current home in 2016 when the purchase price ($525,000) was 3 times my annual income. Owning a home is a nice feeling. Rose-coloured glasses are a wonderful thing – my recall is that I never paid more than 7% interest, but my research shows that the interest rate in 1983 was in fact around 13.24%. However, the research also shows that 1993 and 2016 were good years for home buyers. My children are not so lucky as house prices are at least 7 times their annual income and the interest rate has climbed dramatically since they took out home loans.

Age: 80
Degree: Master of Science
Occupation: Retired
City / Town: Bokarina

When I bought my first home, the price was a little over 3 times my salary. It meant taking some part-time professional work to make ends meet with a young family. This continued for 10 years. Yes, it was demanding, but the idea of owning your own residence was the major driving force. You just did it, lived simply with secondhand cars etc. After that, the house became an asset from which one borrows further money to invest elsewhere. It was what you did – yes it was worth it, even though interest rates were stable, they rarely went below 6%. Having said that, I think life for new graduates is very different. The financial challenges of getting your own home are overwhelming. Most young people need financial support to get into the market. Parents and grandparents are stepping up to lessen the burden. I acknowledge that this is nowhere near the majority of first-home owners.

Age: 30
Degree: Bachelor of Journalism / Bachelor of Communication
Occupation: Corporate communications
City / Town: Brisbane

We got into the market in 2018, and our house has (by local estimates) almost doubled in value. With the most recent interest hikes, our mortgage has only just become more expensive than rent payments would be for a similar house in a similar area. I am so grateful that we don't need to worry about having a roof over our heads.

Age: 62
Degree: Bachelor of Arts
Occupation: School Manager
City / Town: Brisbane

It's wonderful to have that security, finally – took me until I was 50+ with some help from an inheritance. If that had happened a few years later I'd never have afforded it because of the rapid increase in prices. I never take it for granted, and I know how lucky I am. Interest-rate hikes are depressing, but I'm managing. Living in an old weatherboard comes with its downsides. There are some stumps to replace now, and I'm not looking forward to having to re-paint. Still, with all the bits and pieces that need doing, and the climbing mortgage, the security is a huge relief after most of my life renting. It's worth it for sure. I think there needs to be some strong rental reforms and allowances for very long leases, as they do in Europe, to give people security, and a stop to no-fault evictions. More public housing and strong limits on short-term rentals.