Generation Y and Millennial property investors are finding success in the property market, but are also faced with more challenges than their older peers, according to a property and finance expert.
Ayda Shabanz, an independent property and finance investment expert and commentator, said that day-to-day activities have become increasingly more complex, including discussions around finance.
This has been exacerbated by the banking royal commission’s final report which has the potential to cause brokers to leave the industry making it difficult for all investors to secure finance.
These complexities, Ms Shabanz said, were not always prevalent.
“Looking back, when today’s Baby Boomers were my age, for example, not only did property prices take up so much less of their income percentage than they do now, but there were fewer compulsory government taxes to navigate than today. Therefore, so many more people could own property,” she said.
“In addition, Australian property buyers who live overseas for work have even more challenges, such as a higher land tax and even getting finance from an Australian lender is more difficult.”
As a result, Ms Shabanz said that all the complexities weighing down younger property investors are “almost like a conspiracy theory” to prevent younger Australians entering the property market.
“I know it’s not true, obviously, but sometimes I question why these challenges all have to be necessary – especially as we are already managing every other aspect in our lives like a pro.”
“There has always been a lot of talk blaming us for our lifestyle patterns and these preferences for being the reason we cannot buy property.
“I remember reading something along the lines of because we go out for brunch and eat smashed avocado toast, we are electing not to purchase property. Well, guess what? That’s a complete myth. We can have our toast and eat it too.”
Ms Shabanz added that older investors should be championing the successes of their younger contemporaries as they find these achievements in their 20s and 30s.
“We are making waves in the business arena, and there is no reason why we can’t do the same with property. It’s really just about trusting the right adviser and broker, and listening to their advice only,” she concluded.