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No toast for you! How many smashed avo brunches it takes to buy a house
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 | |
| Sydney | $825,000 | 165,000 | 7500 | 20.5 | |
| Melbourne | $580,000 | 116000 | 5273 | 14.4 | |
| Brisbane | $485,000 | 97000 | 4409 | 12 | |
| Adelaide | $435,000 | 87000 | 3954 | 10.8 | |
| Perth | $520,000 | 104000 | 4727 | 13 | |
| Hobart | $356,500 | 71300 | 3240 | 8.9 | |
| Darwin | $570,000 | 114000 | 5181 | 14 | |
| Canberra | $586,300 | 117260 | 5330 | 14.6 | |
Sources: ratecity.com.au, ABS Residential Property Price Indexes, March house prices (June 2016), Bernard Salt.
Disclaimer
This article is over two years old, last updated on October 21, 2016. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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