You’ve probably heard it before—or maybe even said it yourself: “Baby Boomers had it easy.”

They bought property when homes were three times the average income, got free university, and watched their house prices skyrocket while sipping cheap coffee.

But is it really that simple?

Or are we falling into the trap of generational finger-pointing instead of understanding how we got here—and more importantly, how we move forward?

Baby Boomers: the lucky generation?

There’s no denying it—Baby Boomers are Australia’s wealthiest generation.

Despite only making up 26% of households, they own over 50% of owner-occupied dwellings.

Many of these homes are debt-free and sit on prime land.

In short, they’ve passed GO multiple times on the Monopoly board of life—and collected their $200 (and capital growth) each time.

So how did this happen?

1. Timing: Boomers bought in when homes cost just 3–4x the average income. Today it’s more than 9x in major cities.

2. Booms on Booms: They’ve ridden multiple property booms—from Whitlam-era inflation in the 70s through to the early 2000s.

3. Tax Perks: Negative gearing, capital gains tax discounts, and no CGT on the family home all helped accelerate wealth.

4. Free Tertiary Education: Many Boomers enjoyed debt-free higher education, unlike today’s graduates, saddled with HECS.

5. Policy Power: Boomers were (and still are) the largest voting bloc, helping shape policy that favoured asset growth.

​But was it easy?

Not exactly, when I bought my first property in the 1970s, interest rates were high, banks didn’t count a wife’s income for loans, and the rent on my first property that cost $18,000 was just $12 a week.

It felt risky.

I had no roadmap, no certainty—just a belief in property.

And while Boomers didn’t start with HECS debts, we didn’t have super either—at least not until Keating brought it in during the 90s.

We scrimped and saved for deposits, dealt with double-digit inflation, and weathered recessions, too.

But the key difference?

Asset price inflation was on our side.

Once on the property ladder, the wind was blowing in the right direction.

Younger generations: doing it tougher

Today’s younger generations—Millennials and Gen Z—are facing a different game altogether:

1. Later Starts: With longer time in education and delayed family formation, many don’t start saving for a home until their 30s.

2. Higher Hurdles: It can take a decade to save a deposit, even in a low-interest environment.

3. Widening Wealth Gap: Younger Aussies have significantly less wealth than Boomers did at the same age. Median wealth for Boomers is $1.1 million; for Millennials, it’s just $550,000​.

Housing as a fortress

The political cost of making housing more affordable is too high because it risks hurting the asset base of voters.

And here’s the kicker: Even policies meant to help first-home buyers, like grants or using super, are largely ineffective.

All they do is bid up prices and kick the affordability can down the road.

The “Bank of Mum and Dad” and the great wealth transfer

But with property so out of reach, more young Aussies are turning to their parents for help.

The “Bank of Mum and Dad” is now one of the country’s biggest financial institutions, offering an average of $200,000 in gifts or guarantees to help kids get on the property ladder.​

And the future?

We’re only at the beginning of a massive intergenerational wealth transfer.

But here’s the catch: most Millennials and Gen Zs won’t see that money until they’re in their 50s or later, often too late to impact their family-forming years or first home purchases.

Gen X, sandwiched between caring for aging parents and supporting dependent teens, may face the toughest decade ahead.

But Gen Z might be the generation to benefit from both eventual inheritance and (hopefully) better housing policy reforms.

So, where does that leave us?

It’s easy to point fingers.

But we don’t need a generational blame game—we need smarter solutions.

Yes, Baby Boomers benefited from good timing and favourable policy.

But they also took risks, saved hard, and stayed the course.

Yes, younger generations face bigger hurdles.

But they also have the most important resource of all: time.

And with smart strategies like rentvesting, building multiple income streams, and getting strategic advice, they can still build wealth and get ahead.

The rules may have changed, but the game isn’t over.

Final Thoughts: choose your playing field

In Monopoly, everyone starts with a different roll of the dice.

But in real life, you can pick your advisors, map your path, and build your board.

You don’t need to land on Park Lane to win—you just need to play smart, adapt quickly, and stay in the game.

Whether you’re 25 or 65, it’s not too late to start building wealth.

The key is not to complain about the rules, but to learn to play by them—and find your way to win.

About Michael Yardney
Michael is the founder of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He’s once again been voted Australia’s leading property investment adviser and one of Australia’s 50 most influential Thought Leaders. His opinions are regularly featured in the media.