Almost half of Gen Y buyers will become property investors before they become owner-occupiers, a survey has claimed.
The Mortgage Choice First Time Property Investors Survey has found 43% of Gen Y respondents will put off buying a home for themselves to purchase an investment property.
Mortgage Choice spokesperson Kristy Sheppard said the survey reveals changing motives behind property purchases.
“Our findings call into question the concept of the ‘Great Australian Dream’ for people aged 30 years and younger. Is it still a home, is it property in general – whichever type they can afford – or is it simply about investing in an asset they expect to bring in income and/or appreciate in value?” she commented.
Gen Y buyers are also increasingly driven to save for their first purchase, the survey has revealed. The study found 77% of Gen Y respondents are making lifestyle sacrifices to save money for property, compared to 66% of Gen X and 66% Baby Boomer respondents. Gen Ys were found most likely to cut back on alcohol-related spending, change jobs for higher income, take on an additional job or delay having children in order to save for a deposit.