Sydney is now for the rich, claims property investor - poorer Aussies should look elsewhere
A young Aussie real estate investor has issued a tough warning to those looking to buy their first home in Sydney.
Jack Henderson, 28, who has a property portfolio worth more than $35million, has warned Sydney's property market is only accessible to the rich and Australia's other big cities are following closely behind.
'Rich people live in Sydney and if you're not rich, you can't live in Sydney,' he said.
'Any country evolves, the population gets greater, their cities become more expensive.
Mr Henderson compared Sydney to New York and claimed Americans are unlikely to complain about not being able to buy property in the Big Apple as it's a notoriously expensive city.
'If you are born in the U.S. today do you go I can't beleive I can't buy a property in New York.
'Of course you don't, because it's New York and really rich people live in New York.'
The real estate agent encouraged Australians to adopt the same mindset and look beyond living in the country's big cities.
Mr Henderson told those who hope to live in Sydney to 'be rich or don't live here', before adding that the capital of NSW is not the only city prospective buyers should be wary of.
He listed the Gold Coast, Melbourne and Brisbane as also being cities where Australians need to be rich to live there.
'These are cities where you need to be rich. If you're not rich, live somewhere else. Australia's a big f**** country,' he said.
'And then people [say] "What about work? Where am I going to work?" Less than two years ago it was, "There's no staff, staff shortages."'
Mr Henderson's comments sparked a furious debate as many questioned the idea that only 'rich people' should be able to live in Australia's big cities.
'Unfortunately society doesn't work that way. You need the teachers, the baristas, the cleaners to be able to afford to live there. It may be small [one bedroom apartments], but something must be available,' one commented.
'All cities should have a range of housing types available for the range of workers that are required by the society,' another argued.
However, one disagreed, adding: 'True god it frustrates me so much people complain so much but they can always move.
'There's plenty of work outside the big cities. And you really don't need to live in the same city your parents do.'
'This is why I moved to Perth, high pay and low cost of living, it was a sacrifice I made with my wife and two boys and after two years we get the keys to our first home, it's not impossible to make a change,' another added.
Henderson, 28, bought his first property at 18 while working in construction and living at home in Western Sydney before moving to Newcastle at 21. He then opened his buyer's agency Henderson Advocacy in 2020 and now owns 15 homes.
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