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The point was that 20 years ago a much larger proportion of younger buyers could afford to buy where they wanted to live, these days they have to compromise much more than earlier generations did.

The key to living in an apartment is to have a great view, this more than makes up for the lack of space. My place is very small, <35 m2 interior, but it has a large terrace with a view over the lake & mountains. As for Gen Y, I think they have it much harder now than 20 years ago in Sydney...