Is it getting just too hard for Gen Y first home buyers?
Research house BIS Shrapnel predicts that in 4 years time (in 2019) just 23.7 per cent of Gen Y Sydneysiders (aged 20 to 34) will own their home, compared to 43.2 per cent in 2011.
NSW is the hardest hit by affordability problems so will see the biggest drop in the country, says BIS Shrapnel senior manager Angie Zigomanis.
In Queensland and Victoria, first home buyer numbers are likely to fall to 26.1 per cent and 33 per cent.
In Western Australia first home buyer levels are set to remain strong with home ownership rates of 45.2 per cent of Gen Y predicted for 2019.
Fairfax media produced the following graphic to explain BIS Shrapnel’s forecasts
Sure it’s hard for first home buyers to get a foot on the property ladder
It always has been and it always will be.
In many cases it is even harder today considering the aspirations of many FHBs wanting to live in lifestyle suburbs and in the types of dwellings it took their parents 30 or 40 years to be able to afford.
But this doesn’t mean Gen Y’s will remain out of the property market.
Our experience at Metropole is that many are renting in locations they want to live in, but can’t afford and instead they’re buying investment properties to help get a foot in the property market.
Read more here: First home buyers are becoming property investors.
BY THE WAY….
If you want to take advantage of the opportunities our growing property markets will offer you now is a good time to consider your options.
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Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
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