A fed-up property investor has revealed why he is selling his investments as he hit out at young Australians over their “animosity” towards baby boomers.
Sky News Business Reporter Edward Boyd says Treasurer Jim Chalmers has introduced the first trench of the Albanese government’s Future Made in Australia legislation into parliament on Wednesday.
“The legislation was a keystone policy announced in the federal budget in May,” Mr Boyd said.
“And commits $22.7 billion over the coming decade to drive investment into the energy transition and underwrite sectors that improve national security and resilience.”
Craig Doyle, from Melbourne’s western suburbs, told SBS Insight on Tuesday he owned five investment properties which were worth $3 million and paid for from his superannuation.
However, the 61-year-old explained, during a panel discussion about the financial impact of the “boomer economy”, that being a landlord isn’t easy.
He said the pricing market for the properties he and his wife bought have “dropped in the backside” and they were losing $15,000 a quarter running the properties.
Craig Doyle appeared on SBS Insight to share why he is selling his investment properties. Picture: SBS Insight.
“So we had to come to the decision to opt out of all of them and we’ve lost money on them,” he said.
He pointed out the “pent-up animosity” younger Australians apparently feel towards his generation, as Gen Z and Millennials find it increasingly difficult to get their foot in the housing market.
“I always remember 25 years ago the notion that we were going to be the biggest debt to this country there could ever be because we would all be going [into] retirement and needing nursing homes,” Mr Doyle said.
“I find, now, that the fact that we’re not, and the fact that we are able to look after ourselves, there’s still this pent-up animosity towards us.
“I just find it distasteful.”
During the discussion about the impact of the ‘boomer economy’, he described young Australians’ animosity as ‘distasteful’. Picture: SBS Insight.
Mr Doyle said he and wife 10 years ago decided investing in property was the way forward but encountered difficulty in the “last four or five years” amid an increase to interest rates nationally.
He also cited body corporates, land tax, new upgrades of apartments and tenants failing to paying their rent.
“You can’t regain the money. All of a sudden, you’re churning superannuation, and it’s going out the door before it’s coming in,” he said.
He said he thought he and his wife would have been “grey-nomadding” by now, meaning to travel around in a motor home or caravan after age 55, but their plans had been pushed back by a few years.
It comes after another couple was labelled “selfish and entitled” after appearing on the show to speak about their decision to spend their children’s inheritance on luxury holidays.
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Leanne and Leon Ryland appeared on the show on Tuesday alongside their son who said he approved of their choice to spend their hard-earned dollars on travelling to new destinations.
Ms Ryland told the program how the couple had done “all the right things” to give them the opportunity to travel freely later in life.
“We’ve done all the right things by investing in property, boosting up our super making sure that was healthy, going without a lot of things,” she said.
The couple had spent $170,000 on cruises and luxury holidays and described their travelling as a checklist.
However, viewers took to social media to lash out at the boomers, saying they were “bragging about overseas holidays with no regard for the environment” by spending “all their money so their kids have no inheritance”.