A personal account of the challenges of building a life in Sydney, including high housing costs and the difficulty of getting on the property ladder.
are widespread. It’s said they go to escape Ireland’s bad weather and high costs for a relaxed life of beach fun and casual jobs. And many young Irish do arrive to pursue this idea every year, in their thousands.
But what this concept doesn’t reflect is the reality for the many more Irish, like me, who are settling here long-term. Sydney is wonderful. And many of the cliches are accurate, from the gorgeous weather to the laid-back coffee culture. But there is a big difference between just living in Sydney and building a life here.
And the housing costs are one of the biggest factors. I moved to Sydney in January 2011. A previous employer picked up the tab for a 12-month relocation. It was an opportunity too good to pass up, and so I packed my bags.
I came to Dublin to learn English in 1996, and Ireland has never really left me sinceMy dad often reminds me of that drive from Newry to Dublin Airport, when I turned and asked him, “Am I mad or mental doing this? ” I can’t remember his reply, but knowing him, it was likely one masked in humour and sarcasm to deflect from an awkward father-son moment.
Not helping the cliches, I went straight to a share house in County Coogee with two other blokes from “back home”. Fun was had. With relative success professionally, a year quickly turned into five. It was on an impromptu trip back to Ireland at Christmas 2016 that I realised I wanted something more permanent in Sydney.
Although I loved it in Sydney, things weren’t adding up, quite literally. I was earning a good salary, my days of spending money on avocado toast were well behind me, but still I felt years away from getting on the property ladder. The cost of living is high and the prices of properties are extortionate in Sydney, but salaries make up for this, right?
“Yea, nah”, as they say here. With some corporate ladder-climbing in recent years, my wife and I have been lucky enough to afford a home 30km south of the city In 2015, the median house price in Sydney hit Aus$1 million for the first time. That was about 12 times the average household income. It was driven by low mortgage rates, supply issues, increased migration and investor activity.
At the time, if felt impossible to buy a home. Ten years on, surely things have things settled down?
“Yeah, nah”. There are forecasts that median prices could pass the $2 million mark in 2026. This city spoils us with its beauty, beaches and national parks, but these factors just fuel demand, and house prices are only going in one direction. Several recent mortgage interest rate hikes means the possibilities of borrowing for many is very limited.
Investors, however, aren’t put off by these prices. They use “negative gearing” to buy property portfolios and can offset excess interest and maintenance costs against their personal income. So cutting their taxable income makes it attractive and achievable for them to hold multiple properties.
Just like me in my first 10 years, many Irish are now paying extortionate rent of $760 per week on average in Sydney, or almost €2,000 per month, to wealthy investors who are taking advantage of tax incentives. The cost-of-living issue is made even worse by the lack of competition for consumers. Food prices have risen sharply, not helped by just two supermarkets, Coles and Woolworths, controlling two-thirds of the grocery market here.
There is a lack of competition in the banking sector, with just four banks, while domestic travel is dominated by two main airlines. The bottom line is, it’s bloody hard to afford anything here – and there is no sign of this changing any time soon. So 15 years after that drive to Dublin Airport, I am now 40 years old.
With some corporate ladder-climbing in recent years, my wife and I have been lucky enough to afford a home 30km south of the city, where we are raising our two daughters.will have moved on. Yes, the Irish will still be known for enjoying the laid-back life.
But maybe added to the narrative will be the idea that with hard work they can benefit from the Australian concept of a “fair go for all” and can afford to own their own homes. Cormac McConville is originally from Killeavy, South Armagh. He moved to Sydney in 2011, where he works as an audit partner and lives with his wife and two daughters Are you Irish and living in another country?
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