Earlier this week, Craig Doyle, a property investor from Melbourne’s west, called out young Australians for what he described as “boomer bashing.” He said that the attitude towards baby boomers was “distasteful”.
He had invested around $3 million in five properties, but due to various factors, including rising interest rates and unpaid rent, he and his wife had to withdraw from the properties.
According to Mr Doyle, the falling prices of his properties had affected his investment portfolio, which had lost him around $15,000 a quarter.
He and his wife decided to withdraw from their investments due to the lack of money and the attitude of young Australians toward both the baby boom generation and landlords.
Twenty years ago, he thought that the country would be in debt due to the need for nursing homes and retirement.
He said that despite the fact that many people are now able to look after themselves, there is still a lot of anger and resentment toward the baby boom generation.
Mr Doyle, who has been involved in property investments, said that he and his wife had initially planned on becoming “grey nomads” but had to change their plans due to the losses they had suffered from the properties.
He noted that several factors had affected their portfolio, such as land tax, body corporates, and rising interest rates.
According to him, the lack of money has affected his and his wife’s plans to become “grey nomads.”
He noted that they would likely still be living in the same house for several years yet.
This comes after a couple from Australia was called “privileged and selfish” after they were revealed to be spending their children’s inheritance on luxury vacations.