The average age of an Australian property investor is 34 years. The four youngest Blue Wealth employees, with an average age of 23.5 years, all own property. High five Blue Wealth Gen Y property moguls; you’ve beaten the Australian average by more than ten years!
Tax Office statistics show that almost 1.9 million Australians declare rental income. Of the 25 Blue Wealth employees, 85 per cent are property investors, well above the Australian average. Education and support are king.
According to the Domain consumer insights study, the average age that Gen Y Australians became investment property owners is 25 years, whereas the average age for Gen X was 35 years and 45 years for the Baby Boomers. In addition, 16 per cent of Generation Ys own two or more properties, compared to 17 per cent of Baby Boomers and Gen Xs.
Interestingly, nearly 75 per cent of investors earned less than $80,000 per annum. I’m often asked about the prospects of negative gearing and my answer always draws on the above. Property investment is no longer the exclusive playground of the wealthy. Australians from all walks of life, many of you reading this now, are opting to invest in property in more affordable markets and rent where they want to live.
In fact, the share of first home buyers purchasing new property for owner-occupation slipped to 14.7 per cent over the first quarter of 2015, down from 17 per cent in Q4 2014. Over the same time, the number of first home buyers purchasing new property as an investment increased over 2 per cent to 10.1 per cent in Q1 2015.
Get educated about property, get the right advice and ensure you have a dedicated and qualified support network. There’s no better time to start than today.