Scott Cam has reflected on the difficulty of breaking into the property market after revealing his son’s own struggles in the current housing crisis.
The Block host admitted that young Aussies “can’t buy anything” these days after revealing his three adult kids – Charlie, Bill and Sarah – are among an ever-increasing number of people struggling to get on the property ladder.
“It’s really impossible from the beginning,” the 63-year-old recently told realestate.com.au, adding: “You can’t buy anything now.”
The dad revealed that he had seen first-hand how hard it was to buy a home in Australia after witnessing his own children’s struggles in the housing market.
According to the property mogul, his son was feeling hopeful when he was pre-approved for an $800,000 loan. However, his dream was shattered when his borrowing capacity was brutally cut down to $510,000 after the 2026 Budget announcement.
“The budget was supposed to help young people, but the bank re-established his loan to $510,000,” Scott shared.
Buying a property for under $1 million has become an unlikely feat for the young Aussie, with Cam blaming “the negative gearing factor” for putting his son back a few steps.
He added that his children have faced “far greater” challenges than he did when it came to getting into the property game compared.
Cam and his wife Ann purchased their first Sydney home over three decades ago, nabbing a “beautiful little terrace” in Zetland in 1994.
The couple paid $200,000 for the inner-city property, a purchase that catapulted them into the housing game and marked the first of many in their impressive property portfolio, which is reportedly worth $25 million.
Cam’s grim outlook on the housing dilemma in Australia comes after Treasurer Jim Chalmers’ federal budget heavily restricted negative gearing.
The major change means that future investors cannot negatively gear a property unless it is a new build.
However, property owners who purchased before the budget can also negatively gear a home.
