News

Gen Y keen to buy property

By Lachelle Ferguson

Gen Y is becoming more aware of the benefits of buying property, according to Mortgage Choice’s 2013 First Time Property Survey.

More than 1,000 Australians looking to buy their first investment property in the next two years were surveyed, with Gen Y making up more than a third of respondents.

A total of 74.7 per cent of Gen Y respondents said setting themselves up financially for the future was their key motivation to invest.

Head of corporate affairs for Mortgage Choice, Belinda Williamson, said buying an investment property can be the impetus for many to cut back on their spending.

“Our survey shows 75 per cent of Gen Y first-time investors were choosing to make lifestyle sacrifices to help them achieve their property goals,” she said.

Ms Williamson said Gen Y was cutting back on “day-to-day spending, eating out less and limiting take-away food, missing out on a holiday, delaying a vehicle purchase and last but not least, cutting back on alcohol related expenses”.

Source: Real Estate Business

Up to Date

Latest News

  • 6 Things To Do Before You List a Property

    1. Research & plan Before you consider selling, research the market, focusing on properties in your area. Is it a good time to sell? Where do you intend to move next? What’s your budget, including moving? You don’t need all the answers, but you should develop a clear set of goals … Read more

    Read Full Post

  • 2017 Federal Budget Highlights

    Federal Treasurer Scott Morrison’s second budget was delivered this month to Australia, with a range of changes for first home buyers, property investors and older Australians looking to downsize. Overall, the measures are designed to free up more development land and get first home buyers into the market sooner. Here … Read more

    Read Full Post