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.
Leave reply