Earlier this week, Bernard Salt made headlines by claiming the money people under 40 spend on smashed avocado with crumbled feta five-grain toast could be used to save a deposit for a house.
The claim has incensed many Millennials and spurred counter-claims that years worth sacrificing their brunch wouldn’t bring them close to the amount needed for a deposit thanks to the housing affordability crisis.
We crunched the numbers for each state and found based on Salt’s nominated price in The Weekend Australian – $22 a pop – it would take more than a decade of giving up daily brunches to save for the median deposit just about everywhere. And that’s a daily brunch.
|Location||Median house price||Deposit size (20%)||# smashed avo toast||Years without daily brunch|
Sources: ratecity.com.au, ABS Residential Property Price Indexes, March house prices (June 2016), Bernard Salt.