Western Australian Homeowners Starting Out Young

Could investing more and partying less be the new trend amongst Western Australia’s new set of twenty-somethings? Statistics from Mortgage Choice show the number of homeowners 30 and below has increased 60 per cent since 2008, with almost 50 per cent of the WA’s first-homebuyers now aged 30 or under. The data also showed one out of five homebuyers was 25 years old or younger.

Experts say that a new trend is brewing within “Generation Z”, or young people living with their parents, which is to save up and skip the rental phase to buy a home straight away.

It has also been observed that young people nowadays are not only keen on buying their own homes, but starting a property investment portfolio as well. This is due to a cultural shift that has young people realising the advantages of entering the housing market early, especially in one similar to that of Western Australia, which will always be strong.

Real estate agents recount how they have helped a number of youths aged 21 and under (who have been saving since they were teenagers) buy homes in the past six months.

Financial analysts are quick to warn younger buyers about the risk of economic downturns. Interest rates may be low now, but that doesn’t mean they’ll stay that way. With the financial savvy going around, it is quite likely these young people are planning their next move towards financial success.

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