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Homeownership Hardship for Young Aussies

| SeeSharp Group

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! πŸ˜”
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! πŸ’°

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! πŸ™οΈ
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. πŸƒβ€β™‚οΈ”
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. πŸ“ˆ

“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. πŸ’Έ

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. 🏦πŸ‘ͺ

LOVE TO HEAR your thoughts on this! πŸ’¬

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