Perth, Au — January 25, 2015 — It would seem that traveling and partying have taken a back seat since many of the younger generations of Australians are now taking their time on securing their own homes. What’s remarkable is that according to new data, almost 50 percent of first homeowners are aged 30 and below. Six years ago, it was only at 31 percent but now it had taken quite a huge leap.
Experts say that it is because the younger generation has developed a mindset to stay in their homes much longer so that they could skip on the rental market and be able to save on a deposit that could help them but their own homes.
Young people today do not only want to own their own property, they are also now engaging in starting a property investment plan at such a young age.
20 years ago, it was much different. Young couples would only buy a property at age 20 if they wish to get married and settle down. But now, many young people are visiting Perth display homes or looking for listings for the sole purpose of ownership and investment.
The consequence of this is that young people would want to secure a place of their own before it could go beyond their reach.
Although this is quite remarkable with the youth today, there are also many risks to that and it mostly involves them being subjected into paying mortgage at age 20 as well as their bills. This could lead to young people buried in debt if they are not matured and settled enough to survive on their own.
Jordan Schilling is only 20 years old but he is now also close from owning his own house. He said that when he first went to the bank to inquire about loans, they didn’t believe that his savings were his own at first. The bank was in fact skeptical that a 20-year old could save $40, 000 alone.
But he eventually got his loan and that he will be soon be moving into his new $415, 000 house and land package.