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This is an extract from a fairfax web publication (Domain) the full article is available @ domain.com.au I present this without comment. Generation gap Runaway home prices rises have exposed a gap between older homeowners and younger would-be buyers struggling to get into the market. The Reserve Bank said in December that many 50-60 year olds had benefited from a strong economy - which hasn't experienced a recession in nearly two decades - to enjoy secure financial positions. Older homeowners have borrowed more later in life to fund upgrades and expansion of homes, helping drive up prices. However, typical first-time home buyers, usually under 35 years old, have seen a ''noticeable decline in home ownership over the past 10-15 years,'' the RBA said. Hornsby, NSW-based Eve Roberts is 29 and bristles at the suggestion that people in her age set have brought the affordability issue on themselves. ''Despite being on reasonable salaries my partner and I can't afford to buy an apartment, or to have children for that matter,'' she said. ''The baby boomers who relish house prices going up are unfortunately to blame - why? Because for many, owning their house is the only thing they've managed to accomplish in their lives and want to see its value go up astronomically.'' ''Generation Y having an entitlement issue? Give me a break.'' Ms Roberts said Baby Boomers are short-sighted for not seeing the generational burden that has been allowed to take hold. ''Unfortunately their foresight is so poor that they don't realise that in 10-20 years time, as they struggle to move from room to room and go to the toilet unaided, their children and grandchildren will be too busy working off their mortgages to come and visit them at the nursing home.''
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