Sometimes I just shake my head and sigh.
The following statement in a recent article suggests that either things have dramatically changed since I was in my mid 20’s or that the media is really enjoying trying to find some sob stories out there.
Before I go on, this is the part of the article I am referring to.
Young adults are increasingly becoming “property orphans” by living it up with travel and shopping rather than saving for a deposit on a house, new data shows.
The decline in home ownership among Generation Y — aged about 28 and younger — could be due to the Reserve Bank’s loan to value ratio (LVR) restrictions and four successive rises in the official cash rate, which have flowed through to retail interest rates on mortgages, data analytics company Veda says.
Now what I shake my head about is that, not only in all the years of running a mortgage broking business and all the years of running my financial planning practices but also just in living and hanging out with my friends, people in the age bracket up to age 28 didn’t generally go out and buy homes….they were too busy partying and it wasn’t until late 20’s and early thirties that they sat down and really started looking at buying property.
Sure there are the people like myself who got into real estate early (22 for me and 19 for one of my clients) but the majority of clients I saw over the years were aged 35 upwards.