Are younger generations permanently priced out of the housing market? Is this henceforth a generation of renting?

I live in Sydney, the 2nd most expensive city to own a home in the world. The median house price here is 1.6 million. I don't want to live near the beach or the downtown fuck it. I'm happy in the outskirts. 1 million is still the avergae price in the outskirts. And I'm talking about the cheapest houses. How the fuck am i supposed to save 200k in down payment and pay $6000/month on mortgage when I dont even make that much.

When I was a little boy, my dad would work, my mum would stay at home and look after me and my siblings. And my dad wasn't even a particularly highly educated man. But we lived a comfortable life with enough disposable income to travel abroad once in a couple of years, and be extravagant at times.

Now, two people can work fulltime and cant even afford a home. I'm not even asking for much. I just want a 2 bedroom house with a small backyard. Is that too much to ask!? What has the world come to!? The rich are getting richer, the middle class is disappearing and the poor are getting poorer.