Australian Gen X households now hold the greatest property wealth among all generations, according to KPMG analysis of ABS and census data. Those born between 1965 and 1980, mostly over 50 now, have $1.455 million in average property wealth from homes and land. Baby boomers come second with $1.36 million on average, but they remain wealthier overall because of their retirement accounts and lower debts. KPMG urban economist Terry Rawnsley called this a "generational passing of the baton" in property riches, which continue to be central to Australian wealth. Millennials, aged 29 to 44, have an average property wealth of $890,000, reflecting their lower home ownership rates. Rawnsley noted that only about half of those aged 25 to 34 own homes, compared to around 80% among older generations. This younger group has an average property wealth of $575,000 but carries an average debt of $346,000. "The median house price at almost $1 million means even 50% home ownership leads to high property wealth for owners," said Rawnsley. However, many younger people risk missing out on building wealth if they can't buy homes in their 20s or 30s. "If you miss out on that property purchase when you are in your 20s or 30s, the impact of that on your wealth will carry on for the next 30-40 years," Rawnsley warned. With only about 10% of homes for sale affordable to first-time buyers, the pressure on young Australians is intense. Rawnsley emphasized, "Being a 'forever renter' is not just about a lifestyle choice, it can be about locking in generational disadvantage — and not just for you, but for your kids as well." Although some criticize government first home buyer schemes for raising prices, Rawnsley believes the benefit of entering the property market early outweighs small price increases. "If someone can save five years of rent in Sydney and get into the property market five years earlier, then that means a lot of people who can’t rely on the bank of mum and dad will ultimately be better off," he said.