Gen Y finding their feet on the property ladder earlier
According to the Domain Consumer Insights Study, the number of Generation Y’s who own multiple properties is now on par with Baby Boomers.
The study, conducted to explore how Aussies approach real estate and property decisions, found that 16% of Generation Y’s own two or more properties, compared to 17% of Baby Boomers and Gen X’s.
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Although the average age of investment ownership among Aussies is 34 years, the study has shown that younger generations are entering the market at an earlier age with the average age of Gen Y becoming investment property owners at 25 years, compared to Gen X at 35 years.
The study also showed that the majority of Aussies (65%) considered property to be a good investment with two in five investment property owners planning to expand their property portfolio by mid-2017.
“With historically low interest rates prevailing, property investment has become an increasingly attractive avenue for building wealth,” said Domain Review Editor Jennifer Duke.
“Australians have always held the ideal of bricks and mortar investing in high regard – a perception that was strengthened by the aftershock of the GFC,” she said.
These results are contrary to common perceptions that younger people are locked out of the property market. An earlier report by the SMH indicated that older generation were capturing a growing share of the nation’s wealth, while the wealth of younger generations were stagnating in Australia.