Days gone by being a millionaire was quite some thing now days not so much, there is now about 1.9 million millionaires in Australia or 1 in 10. It is expected the number of millionaires will be about 20%, dare say this is due to home ownership and property values.
There are other reasons home ownership is more difficult, back in the day we didn't have multiple cars per household, fewer people brought brand new cars, no mobile phone, internet, dinning out was a luxury as was interstate and overseas travel.
"The house next door to our eldest Son’s in Brisbane sold 6 months ago for 1.7 million." So some one was able to afford to buy it, obviously inners city property has higher demand and hence higher prices. As mention before there are affordable properties but just that they are further out so it's not that there are not affordable properties it's just that people are not willing to live further out and travel.
For those that do want to live in the city, apartments is an option. I see in Brisbane you can buy an apartment for $250k, with a 20% deposit repayments would be less than rent. Yeah they are small but it's a roof over your head and you are not at the whim of a land lord who can evict you for what ever reason
