What is the correlation between a bit of avocado on toast and the Australian property market, I hear you ask. Well, I’m glad you did.
There is a perception that it is impossible for young Australians to gain a foothold in the property market. This has been attributed to many issues; rising property values, low wage growth, lack of supply and interestingly, the consumption of avocado on toast. While there are certainly challenges for young people to overcome in order to buy their first home, they are not insurmountable.
Some things have not changed since the time when our parents were setting out as first home buyers and that is the need for healthy budget management and goals, an understanding of value in the property market and an understanding that your first property may not be your dream home but it can be a stepping stone to achieve that dream in the future. Seeking solid advice from professionals can be a good first step in achieving this goal.
While the dream for many millennials may be living “on top” of Buderim, the current market conditions make this a challenging prospect which is out of the reach and budget for many. A better option could be to ask advice from a great real estate agent who can point you in the direction of a property within your budget which will be a sound investment, securing your foothold in the property market and gaining equity to build for your future.
There is no denying that there are challenges for young people who are attempting to buy their first home. But the perception that it is impossible for millennials to enter the property market is certainly a myth. Turns out, with a little hard work, planning and sound advice you can have a home and your avo on toast too.