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Millennials and Gen Y vs. The Housing Market | Articles from around the web

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It’s a simple statement; young people simply can’t afford to buy a house in today’s market. Or can they? There’s a lot of layers to this statement made up of economics, investing habits and the trends of of the housing market. We’ve gathered articles from around the web to delve further into the issue. Can young people really not afford the Australian Dream? Or is it just more fake news?

Are Millennials Changing the Property Market? By Real Estate

They’re either lazy or savvy. Both adjectives are great headline fodder, but few are taking notice that Millennials are driving change in the property market. The differences are obvious, from how young people save right up to how they buy.

10 tips to become a Gen Y Property Guru by Real Estate

This is a good article for younger people wanting to know how to even get started in the property market. Homes and ‘abandoned shacks’ in Sydney are selling for millions, intimidating the next generation out of the game. But it doesn’t have to be that way if you play smart.

 

The best suburbs for Millennials to buy property by Domain

Compromise isn’t a word people like to hear when they really want something. It’s necessary though, if the younger generation wants to enter the property market. Buying in a capital city mightn’t be an option,

 

Home buying in 1982 vs 2016 by The Telegraph UK

The younger generation still desire to own a property. Surveys done have placed this goal above a successful career or having a family. The desires are the same but the gap on how fast it can be achieved has widened substantially, as reported by The Telegraph.

 

Property and income widens the generational divide by Newscorp

Competition from wealthy investors, less earning potential and rising property prices are just some of the challenges the young ones face.

 

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What $500,000 can buy you in the 2017 property market

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Thanks to constant news coverage about rising population numbers, employment, and therefore housing affordability, the property market seems less accessible than ever. Investors are asking themselves what they can buy for half a million, so we’ve compiled a short list. One home for each state around Australia.

 

  • Queensland

14 Macquarie Street, Teneriffe

Offers over $450,000

2 bed, 2 bath, 1 garage

This apartment is in the trendy suburb of Teneriffe. It comes with river views, easy access to the city, and a host of gyms, shops, and restaurants. Similar properties are around the same price, going up to as high as $2 million.

 

  • New South Wales

74 Tucklan Street, Dunedoo

$195,000

4 bed, 2 bath

This home is in the rural village of Dunedoo, 100kms from Dubbo. It’s on the market as a ‘recently renovated property’ though new owners can modernise it as they like. This is a steal in today’s property market, and has the potential to be a home for holiday tenants.

 

  • Victoria

59A Vale Street, Alfredton

3 bed, 2 bath, double garage

$349,000

Not bad for a Ballarat townhouse. This home, only three years old, is good for those investors looking at homes for empty-nesters and downsizers. There’s a small backyard area and spacious bedrooms inside. The townhouse is close to shops and schools for small families.

 

 

  • Tasmania

5-7 Doric Court, Zeehan

3 bed, 1 bath, single car

$125,000

Investors looking for a small family home on the property market would snap this up for a minimal amount. Zeehan is a small town of less than 800 and the house is down the road from the local school. It’s marketed as having a double block of land, new external Colorbond, and a rumpus. The interior is quite dated, making it a prime candidate for renovation.

 

  • South Australia

503 Fullarton Road, Highgate

2 bed, 2 bath, garage

$495,000

Just within the $500k budget, this stunning house is a rarity. On the outside, it looks like a grand home, a mansion, even. When really, it was renovated to work as an apartment block with three units. The exterior keeps its Mediterranean style character from when it was built in the 1930s, but the interior is totally modern, complete with an elevator. This is definitely a steal in the 2017 property market.

 

  • Western Australia

26 Collins Street, Kalgoorlie

3 bed, 2 bath, garage

$265,000

You can spend just over half your budget and get a lot back in return in WA. This cottage was built in 1927 and leaves investors some room to redecorate, so you can claim depreciation on any new fixtures you install. There’s a large amount of exterior space, perfect for tenants with pets and children.

 

  • Northern Territory

9 Dowling Street, Katherine

2 bed, 2 bath, garage, pool

$340,000

Getting a home with a pool for less than $500,000 is a miracle, but it can be done if you’re looking at the property market in the Northern Territory. This home recently underwent a massive renovation that included the installation of the pool. Located in Katherine South, the home is close to the library, the public hot springs, and national parkland, making it good for family/tourist tenants.

 

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4 articles that give investors a reality check about the property market, worldwide

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The property market is competitive, no doubt about that. Internationally and locally, investors are getting priced out of one market and moving onto another, before the same cycle repeats itself. Australia’s had a ‘golden age’ of affordability, but in recent months that rosy period has come to a screeching halt.

 

 

Sydney and Melbourne’s property markets are slowly outpricing potential investors thanks to rapid employment growth, among other reasons. While prices in these cities have risen over 10%, Brisbane’s growth remains in the single figures. But is it too good to last?

 

The UK has one of the priciest property markets in the world, and the younger demographic is certainly feeling the pinch. This is all thanks to changing work conditions, the drama of Brexit, and the ‘silver generation’ using their experience to snap up hot real estate.

 

This is an opinion piece, but the context is relevant. This debate was sparked by investment professional Tim Gurner’s scathing observation about millennials and their lack of potential to crack the property market. Why? Because they love $4 coffee and avo smash everyday. Even though the debate has raged back and forth, it’s put the way we work, save, and spend in the spotlight and there’s no sign of it slowing down.

 

There’s a glut of apartments in Brisbane, and developers are so desperate to sell them they’re offering incentives to buyers. This comes as a result of  oversupply and minimal demand. ‘Offers’ include the likes of free rent (for a period), vehicles and free avo toast everyday for a year. That’s probably another house deposit…or a new couch.

 

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