Why Gen Ys are Making their First Property an Investment
For many younger home buyers today, having a home to call their own is no longer the great aspiration it was for their parents. But that doesn’t mean they are not buying property – just that an increasing number of Gen Y buyers are happy to make their first purchase an investment property and to worry about buying a ‘home’ later.
Reasons First-timers Invest
According to new research conducted by finder.com.au, a little over half of potential property purchasers surveyed in the Gen Y age bracket (18 to 34) are planning for their first purchase to be an investment rather than a home.
While this means forgoing the first home buyer’s grant, it does allow purchasers to claim a range of valuable tax concessions on depreciation, council taxes, negative gearing and so forth.
The increasing popularity of a first-time investment purchase obviously has much to do with lifestyle and the increasingly transitiveness of younger people. Unlike their parents, many Gen Ys spend their twenties travelling or focusing on their careers, rather than on starting a family, and want to live in vibrant urban centres where they can afford to rent but wouldn’t be able to buy.
In these circumstances, purchasing what you can in order to get a foot into the market, while continuing to rent where you want to live, can make a great deal of sense.
Property Investment Company in Melbourne
If you are starting out with your first investment and would like professional advice and guidance on the market and the purchasing process, contact Rass Global Investment.