A quarter of June’s first-time buyers had help from their parents but many others are feeling locked out
The bank of mum and dad is ‘growing in importance’ in Australia, an expert says. Of the $1.5tn gifted between 2002 and 2018, about 90% was in the form of inheritance.The bank of mum and dad is ‘growing in importance’ in Australia, an expert says. Of the $1.5tn gifted between 2002 and 2018, about 90% was in the form of inheritance.In 2020, Laura Turner was ready to buy a house.
It could be worse. Andy Butler, 36, says there’s absolutely “nothing coming my way”, not from his parents or grandparents. “There was no other way we could have afforded to get into the Australian housing market,” she says of the lump sum she and her partner, an animator, were gifted by her parents. Intergenerational bequests – that is, from the dead to the living - more than doubled between 2002 and 2018 to $52bn, the commission’s research paper showed, while intergenerational gifts from parents to their children tripled in value to $12bn.
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