All the genYs have to do is cut out the iphones/internet/laptop/bali holidays/new cars and they will be all set to afford a deposit just like the prev generations did without.
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All the genYs have to do is cut out the iphones/internet/laptop/bali holidays/new cars and they will be all set to afford a deposit just like the prev generations did without.
Prev generations didn't have to compete so much with an army of property investors. It was easier to buy 20 years ago when I bought my first place, I was the only person bidding at the auction, Sydney east. That place has gone up 4 times, I don't expect anything like that growth in the next 10 years, it's even possible prices will be where they are today after a slump triggered by recession, taxation reform and interest rate increases.All the genYs have to do is cut out the iphones/internet/laptop/bali holidays/new cars and they will be all set to afford a deposit just like the prev generations did without.
Brough up with the right mindset you dont need the money, that will come. Try getting that through to someone who comes from generation after generation of handouts though and the whole concept seems alien. Dont be hard on gen Y be hard on their parents and grand parents for never putting 2 and 2 together.
This Gen Y has been saving around 30% of his net income from professional graduate work for more than 4 years now. Finding it very difficult to get in
This Gen Y has been saving around 30% of his net income from professional graduate work for more than 4 years now. Finding it very difficult to get in
Prev generations didn't have to compete so much with an army of property investors.
I personally think we are in just another regular cycle, but the difference is that since its
I hear ya! and I agree,
that being said, a iphone, internet, data sim for ipad is now a simple necessity
...
it would be pretty cruel to tell a young person, no smart phone for you, no ipad for you, in fact id probably rather be in solitary confinement then give you up my smart phone, life has simply changed to need those devices
These excuses were all used 30 - 40 years ago. But it was black and white TVs vs colour TVs and Two cars vs One car. ect
unless you want to live 200kms west in the middle of nowhere the dream of home ownership for people who are now aged from 20 downwards is over. Its going to be very hard for the upcoming generations. ive saved 300k and im still not buying a house anytime soon because its stupidly overpriced to buy anywhere decent.
unless you want to live 200kms west in the middle of nowhere the dream of home ownership for people who are now aged from 20 downwards is over. Its going to be very hard for the upcoming generations. ive saved 300k and im still not buying a house anytime soon because its stupidly overpriced to buy anywhere decent.
ive saved 300k and im still not buying a house anytime soon because its stupidly overpriced to buy anywhere decent.
You are trying to buy in the wrong area. You dont have enough cash to buy outright "anywhere decent".
You need to borrow upon your substantial deposit thus far saved.
Just like the rest of us.
I had this same thought 15 years ago but regret not buying back then. I paid cash for my PPOR about five years ago. I now tell all youngsters to put a deposit down as soon as they are able.
And I only very recently bought my first tv - a run out 2013 clearance model at a marked down price.
How do you like being taxed on those savings ? should at least park them in blue chip franked div shares if you don't want property.
no ill just keep saving for a while longer and chill. the rate at which im saving is beating inflation and the rate at which houses are going up so im not worried.
Good luck then, & well done if you can pay cash in the area you want.
Just watch out this move up doesn't consume you.
Keep us posted.
You need to go back just a little bit further, property investing/speculation took off massively after 2000.In 2009-10, 21% of households owned property other than their own home, up from 19% in 2003-04. thats not to bad. It wont all be resi property either.
Hmm....lets see. Let's suppose you are earning $55k, although you are probably earning a darn sight more than that. So, 30% of $55k is $16500. Multiply that by 4 years = $66k.
So, minimum you should have in the bank is $66k, and you are finding it difficult to get in?
Here's something that looks nice, is a reasonable commute from Melbourne & is cheap. Really cheap! I've never looked at this area before, Wow, you get a lot for your money. You could leave a 20% deposit on this beauty.
http://www.realestate.com.au/property-house-vic-melton-116497975
Want something closer? Try this. Oh, it's brand new too & yes, you've got enough for a 10% deposit & closing costs for this one.
http://www.realestate.com.au/property-house-vic-sunshine-115733435