Richmond, VIC—Owning a home was once the pinnacle of middle-class family life and an achievement for every person in their early adult years. However, that may no longer be the case for the newest generation of adults. A poll commissioned by Buy Melbourne Apartments revealed that 37% of young Australians believe that home ownership is unattainable. That means that more than one-third of Australians lack a feeling of security that they will be in a financial situation to take out a mortgage and afford payments on it before the age of 35.
In the study, 1000 young adults from the ages of 18-25 were surveyed with a list of questions regarding their attitudes about the current housing market. The survey also allowed the respondents to make comments of their own. The young adults who still had hopes of home ownership were lowering their expectations, according to the poll. Instead of trying to find three-bedroom places near the city center, they were trying to find one- or two-bedroom places farther outside metropolitan areas.
With housing prices in Melbourne having reached unprecedented highs in recent years, younger generations will need all the help they can get. In addition, loans are becoming scarcer and bank requirements stricter. There is evidence that younger generations who do not have financial support from their parents are suffering the most. All these factors compounded create a housing market that is nearly inhospitable for young adults.
However, Buy Melbourne Apartments is trying to ensure that young Australians still can find places to live in Melbourne. They list apartments and townhomes, including one, two, three, and four-bedroom residences in Melbourne. The company’s website appeals to the technology-savvy younger crowds with a range of user-friendly options. It allows buyers to save a list of potential properties, download investor profiles and floor plans, and access expert advice on location, style, and price. The website also hosts a blog with tips for finding and investing in a home.
The team at BMA have expertise in assisting individuals in navigating the complicated financing component of buying a property, resulting in successfully achieving ownership for many who did not think it was possible for them.
Release ID: 477039