Agents might be surprised to learn just how many younger Australians are active in the property market.
First National Real Estate chief executive Ray Ellis said millennials, who are aged between about 15 and 35, are enthusiastic about investing in property.
“Contrary to popular belief, millennials are buying their first investment property at the average age of 25,” he said.
“This sharply contrasts with baby boomers, who on average purchased their first home nearly two decades later at the age of 45."
He added: “Millennials commonly invest first, while renting. By comparison, the motivation to buy houses one to two decades ago was to have families in, not [to start] a property investment portfolio.”
Mr Ellis said the number of millennials who buy multiple properties is on par with older generations, with 17 per cent owning two or more properties.
However, there are many members of that generation who are anxious about affordability, according to Mr Ellis.
“A report compiled by BDO and Co-Op from a survey of 18 to 29 year olds found that 87 per cent think their generation will never own a home outright. Yet 72 per cent of them feel that it's important to buy a house as soon as they can,” he said.
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