Are millennials changing the property market?
Buyers in their late 20’s or early 30’s, secure in their career and renting in areas they can’t afford to buy in, are aggressively building their property portfolios by buying in more affordable areas.
Ben Handler, CEO of Cohen Handler, lends some insight into Generation Y and the strategy behind their property investing in an article for RealEstate.com.au.
“We’re seeing a lot of people buying out west in really strong growth areas with attractive returns,” Handler says. “There’s a lot of demand from younger buyers in the western suburbs of Sydney.”
Entering the market and buying later than their parents, the biggest challenge for millennials is saving for a deposit. However, due to current interest rates, borrowing money is cheap so securing a loan and starting the search process is easy once the deposit has been saved.
The overload of information available to generation Y is leaving the young buyers overwhelmed and confused. Many are reaching out for help, looking towards buyer’s agents to aid them in their search for property. “Younger people are really receptive to this. They are very different to their parents’ generation. They value their time more and they’re outsourcing.” Handler says.
Read the full article: http://ow.ly/PVjNq