Know about housing affordability and problems faced by young Australians
Buying and selling a home is not an easy task. Especially the significant difference has seen in the percentage of buying homes by young adults in Australia. They have their own reasons and difficulties in buying homes or achieving the ownership. Though it is becoming a burning issue since the Global Financial Crisis. The young generation who wants to buy a home are seeking for mortgage loan i.e loan to value ratio, loan to income ratio but this has reduced to a great extent. They cannot afford to pay home loans and eventually parents are paying the installments.
Buying home requires local market knowledge, a huge amount of money and the right decision at right time to do the calculative analysis before buying a house or any real estate property. The suggestion is to take advice from the property valuers Perth as they have abundant of market knowledge, good observational and analytical skills which make them experts. And it has been noticed by the Perth property valuers that – Affordability is the biggest hurdle in the front of the new young generation, tenants and retirees.
In Australia, The Perth and Melbourne are the busiest cities where job opportunities are high and buying a home is a dream, for generation Y. The millennials cannot afford to have a home in these largest cities in Australia.
The figures by property valuation Perth are – 86 percent of the young thinks to have a home though they currently living with their parents or in rental houses. 30 percent believes to have a home in next five years, whereas other think to have a home ownership is ten years away and some 6 percent of young people think they cannot have a home in these busiest, costly and fastest cities of Australia.
Property valuers said – “The home deposits and monthly installments are too high which they cannot afford, so they try to move out of these cities where they can afford to have a house.” Though parents are coming forward to help their children in buying homes in Perth and Melbourne. If not they are ready to find home in some other place in Australia where buying home is more easy and affordable.
Parents are the helping hands –
In Australia, some parents act a good planner. They save money for their children house. Parents are giving the cash deposit and also ready to give family home as a guarantee to take a loan. But in some cases when children are unemployed and not having any secured job then parents have to pay the entire installments.
Some young home seekers are opting this technique in Australia where they are depositing the money and buying a home which they can afford with a desire their prices will go up in the future and thus they can get good returns on investment. Profit earned can increase their affordability circle and they can buy their dream home.
It is advisable to take the valuable suggestion from the property valuers Perth as they can guide well in these property matters which help the young generation of Australia to make the right real estate market decisions.