What is the Great Australian Dream?
The Great Australian Dream is a belief that in Australia, home ownership can lead to a better life and is an expression of success and security.
The typical Australian Dream home embraces the idea of a free-standing house on a quarter acre suburban block, featuring a Hills Hoist and a barbecue.
The origin of the Great Australian Dream dates back to the period following World War II, which marked the beginnings of a new era for Australia. With economy on the mend, things started looking up thanks to the removal of rent controls, expansion of the manufacturing industry and low unemployment rates.
At that time, the ‘dream’ of buying a single storey house on a quarter acre block was not just a dream, but a very attainable reality. These days… not so much.
The rising prices of real estate have made it increasingly difficult to achieve the Great Australian Dream, especially for those living in large cities and the generation of Millennials (people born between 1980-1996). Baby boomers, on the other hand, have enjoyed the significant appreciation of house prices, which contributed to their wealth creation.
This obvious generational dissimilarity has become the focal point of many internet jokes and memes, sparking a tongue-in-cheek rivalry between the Baby Boomers and the Millennials.