Excerpt

Every generation has had a different perspective on owning their property and how they have achieved that. From the baby boomers saving every cent to buy a property to generation Z’s who don’t care if they buy a property or not. We look at the different generations and their very different ways of owning a property

Is this for the email subject line?

If so.

Just use this. The other one is too long.

We look at the different generations and their very different ways of owning a property.

The four stages of the property buyer…which one are you?

We all want to be part of the ‘Great Aussie Dream’. Having your own home paid off.

Whether that is possible with the house prices only time will tell. Every generation has had a different perspective on owning their property and how they have achieved that. From the baby boomers saving every cent to buy a property to the generation Zs who don’t care if they buy a property or not.

Generation Z     

“I will worry about buying a property later, right now I’m thinking which nightclub I’m going to tonight…”

I feel like this generation has no plan or goal to get into the property market, they feel that the great Aussie dream is not even possible for them to comprehend. Why would you spend $750,000 on a property and then have to make monthly repayments that are way more than the rent you would pay to live in a similar property in the same area. It just doesn’t make sense to them. To buy that $750,000 property, you need to come up with a large deposit. How can you save a deposit and enjoy your life…remember YOLO (‘you only live once’ for our older readers).

Generation Y

“I’m getting to a point in my life that I need to start saving for a property because everyone is else is talking about buying a property, but I really like my smashed avocado on toast…”

Recently I have met a number of people in this situation, this generation understands that they now need to grow up and buy a property so they can put a roof over their head. They take on the responsibility to make it happen. They have seen their parents buy a property, two or three… and they feel now it’s our turn to do the same. Usually together with the property purchase, they are making a major step in their life, getting married or starting a family. It’s an exciting time in their lives and I am always happy that I can simplify the daunting process of buying their first property.

Generation X

“We bought our first place a years ago and now that our family has grown, this place is too small…”

Some would say this generation was lucky because they purchased their property before the property boom started. They may have even purchased the property well before the boom and had seen no growth in the value of their property for years. Their property could have been declining in value…yes I know that seems ironic, but property prices actually dropped in Sydney in 2011 and stayed flat between 2004 and 2009, so if you were paying a mortgage with an interest rate of approx. 6% during this time, you were paying more in interest than your house was increasing in value, so effectively you were paying for an asset that was not growing or may have been declining in value.

Baby Boomers

“We have owned this house for many years and it has been paid off, but now that our kids have moved out (except for our 38-year-old son, who looks like he is staying forever) it’s too big for us….”

This brings me to the baby boomers, the most patient of the four groups. They purchased their property by saving every cent that they earned. They dressed up in their best clothes to go and ask the local bank manager for a loan to buy their home. They had to prove to the bank manager they were worthy of the loan and that they could pay it back. The bank managers in those days had a lot more power and discretion, however, these days the banks don’t allow the bank managers to make such decisions without a central decisioning team signing off on loans. This group, in my opinion, made great decisions based on the information that was available to them, given that there was no internet, no podcasts, no ‘how to’ youtube videos or so much information available to them, I think they did well even though it may have been through blood sweat and tears, which are the characteristics that shaped that generation.

We are helping all generations achieve their property goals. Whether you’re buying your first home, upgrading or downgrading, we would love to be a part of that journey.

Thank you for reading