The housing crisis is forcing many Australians to reconsider their living arrangements, with many being forced to move away from areas where they can be close to their workplaces, the lifestyles they’d prefer and, perhaps least discussed, their friends. For renters, prices are at record highs. And for those looking to own their own home, the median house prices in Sydney and Melbourne are currently $1.
63 million and $1.03 million, respectively, according to Domain data. Kelly (front) and his group of friends, who bought a block of units, known as the “Peach Palace” together in Sydney.
Credit: Janie Barrett In Sydney, these pressures have led to a mass exodus of Millennials. A recent report from the NSW Productivity Commission found that between 2016 and 2021, Sydney lost twice as many people aged between 30 and 40 as it gained, with 70,000 calling it quits in that period. The report warned that Sydney could soon become a city with “no grandchildren” but failed to reflect on the profound loss of social connection that this movement would cause.
One group of six friends in Sydney’s Inner West have created their own solution to the problem, by buying a striking three-story manor, subdivided into three apartments with a large shared garden, together, affectionately referred to as the “Peach Palace” by its occupants. Kelly, a paediatric emergency doctor who has chosen not to share his full name for privacy reasons, co-owns the middle-floor apartment. Loading Accord.
