Gen Y is becoming more aware of the benefits of buying property, according to Mortgage Choice’s 2013 First Time Property Survey.
More than 1,000 Australians looking to buy their first investment property in the next two years were surveyed, with Gen Y making up more than a third of respondents.
A total of 74.7 per cent of Gen Y respondents said setting themselves up financially for the future was their key motivation to invest.
Head of corporate affairs for Mortgage Choice, Belinda Williamson, said buying an investment property can be the impetus for many to cut back on their spending.
“Our survey shows 75 per cent of Gen Y first-time investors were choosing to make lifestyle sacrifices to help them achieve their property goals,” she said.
Ms Williamson said Gen Y was cutting back on “day-to-day spending, eating out less and limiting take-away food, missing out on a holiday, delaying a vehicle purchase and last but not least, cutting back on alcohol related expenses”.