Millennials were hoping that one day they’d be able to have one thing – now that is being ripped away from them.
is one way first-time homebuyers are getting on the ladder but now parents and relatives are going one step further.. According to figures from research firm Digital Finance Analytics , up-traders, aka people who already own a home but want something larger are increasingly turning to family for help to achieve that next step on the property ladder .
This raises an uncomfortable question for Australian society: Could the Australians who bought apartments as a stepping stone to house ownership end up stuck in apartments if they don’t have help from family? Unless they get help to buy from their parents, Millennials look set to live in apartments for the rest of their lives. Picture: David Swift
Prospective first home buyers are told to purchase an apartment or unit in order to get their foot on the property ladder, in order to stop paying rent and start building equity. But it’s here that this strategy runs into a rather significant problem. According to figures from CoreLogic, since the pandemic arrived in March 2020, the premium a freestanding house commands over a unit at a capital city level has risen from 16.7 per cent to 45.2 per cent.
New South Wales Australian Dollars Millennial Nightmare Clever Way Young Survey Figures Household Budgets Price Gap Bank Of Mum Melbourne Oceania Property Ladder Look Set Cold Realities Capital City Level Digital Finance Analytics UK House Purchase Price Ownership End Property Market Strategy Runs British Property Australia And New Zealand Victoria Home Buyers David Swift Unit Prices Apartment Owners Plan Buyers Circle Research Firm Lagging House Price Household Incomes Aka People Australian Society Buying Houses Apartment Living Apartment Prices Strata Costs People Seeking Help Housing Prices Legal & General Group PLC Australia Sydney
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