Homeownership Hardship for Young Aussies
WE DID NOT WIN AT THE AUCTION on the weekend! 😢
Featured on #9News
Last Saturday, I went to an auction in Brisbane and started the opening bid at $1.5M and kept bidding, but just didn’t win! 🏡
Sometimes, life just doesn’t go according to plan for my clients. I have strategically won at many auctions in the last few years, but the last couple of months have been something else! 😔
We are competing more than ever before against wealthy owner-occupiers who are downsizing with a lot more capacity, capital, and cashflow to afford a property far more than what it is worth! 💰
I am also seeing a lot more INTERSTATE and INTERNATIONAL buyers coming into QLD to LIVE and INVEST! 🌏 This property was sold for $2.12M!!! 😱
Concerning new data shows this year’s high school leavers won’t be able to afford a house until they’re almost 40-YEARS-OLD. 😬 #9News – And this is in Brisbane! 🏙️
Sydney now will take an 18-year-old an average of 46 YEARS to SAVE up enough deposit!!! 🏦Imaging not having a STRATEGY!
“The Australian dream often racing here at one five a bit bounding further and further out of reach. Quickly becoming a nightmare for those not yet in the race. 🏃♂️”
The market’s definitely picked up a lot since the new year. We’ve really seen properties increase in value, and it’s just about getting into the market and not worrying about getting a good deal. 📈
“Now teenagers are being urged to start planning ahead. New data shows those graduating high school this year will have to save for around 21 years to afford a deposit on a home in Brisbane. 🏠”
“That means that realistically, home ownership is becoming more and more of a pipe dream. Melbourne teenagers are also facing a 21-year wait, slightly less time in Adelaide at 17 years, while in Sydney it will take 18-year-olds now 46 years to save enough money to break into the market. 🏘️”
Even if young people are able to save up enough money for the deposit, the data shows mortgage repayments would still take up a large chunk of their income. 💸
The average mortgage repayment on a typical house in 21 years’ time is going to be about 63% of the median wage. Many young people are forced to turn to the bank of mum and dad for help. 🏦👪
LOVE TO HEAR your thoughts on this! 💬
