Generation Rent – A new word is being used across various media for those Australians who will prefer to rent over owning a home.
Research shows that first time Australian home buyers are delaying their decision to buy a property due to heating property prices and increasing landing rates by Banks. In 2011, the number of people taking home loan is lowest since 1994. Generation Rent is more conservative and then prefer to live in a rental property rather than buying one.
A recent report by REIA’s house affordability report indicates that NSW is one of the highly unaffordable areas in Australia for the past 15 years. Aspirant home buyers will have to cough up as high as up to 34.5% of their annual income for the home loan repayment which is the highest across Australia as well as higher than national average too.
Number of first time home buyers declining since 2009. High prices of homes as well as government had ended the subsidized home loan rates.
Even people with steady jobs and qualifications are not confident if they would be able to buy a home or not. Many young people are living in sharing basis and saves money. Many of them are waiting for their parents to inherit their parent’s property.
The same attitude is everywhere across Europe as UK too. A report from Britain’s Independent Newspaper said that they have done a survey of 8000 people in the age group of 20-45 and found that ¾ people would like to buy their first home but 64% from them believe that they are not earning enough to afford a home. With this current trent in the property market, more and more people are embracing the concept of creative real estate and are succeeding with it!
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