‘Fear of missing out’ hinders young people from entering property market
Many young people hesitate about entering the property market nowadays, thinking it would be too expensive to buy and hold properties for the long-term—is it actually becoming harder to make the great Australian dream of owning a home come true?
Seasoned property investors often regret not buying properties sooner, but the younger generation insists that it’s almost impossible to purchase a property without going broke.
According to Smart Property Investment’s Phil Tarrant: “It was reported today that more millennials are struggling to get in the property market because of the belief that it's going to be too expensive when they're ready to buy.”
Being an avid investor himself, Phil admits that property is really quite expensive, but there will always be an opportunity to invest in real estate. After all, there are markets within markets in Australia, and the country’s good economy is just another testament to the great potential for success in the business of creating wealth through property.
He said: “We've had so many young, hungry investors coming onto the [SPI] show who have gotten multiple properties.”
“They're smart [and] they're out there buying stuff. They're hungry, they're aggressive, they're educated, they're well-versed in a lot of the principles around property,” the property investor added.
Property investment is simply a matter of finding a “pragmatic and realistic” way to make your money work hard for you. You don’t have to buy blue-chip properties in order to succeed in property investment, but you do have to make small sacrifices along the way if you want to build a portfolio that will ensure a financially secure future for you.
Real estate editor Tim Neary proudly shared that her 18-year-old daughter, who worked at McDonald’s and saved up for a few years, has successfully gathered 20 per cent of the first deposit for her first investment property—a true-to-life example of how hard work can truly bring you where you want to go.
Phil said: "If you want to be a property investor, if you want to get into the property market, you're going to have to make some sacrifices.”
“You don't have to give up everything … [My daughter is] living a life … she's at uni[versity], she's studying, she's going out … But she's also holding something back, she's putting some money away, and she's working … hard—she's doing the right thing,” Tim added.
While some people believe that it’s never too late to enter the property market, the fact of the matter remains: If you don’t do something today, tomorrow is still going to come but nothing will change. Property investment, after all, is more about time in the market instead of timing in the market.
The more time you spend exploring the property markets and purchasing assets, the more chances you have of succeeding and ultimately achieving your financial goals.
Tune in to The Smart Property Investment’s Show special "Top 10 articles of 2017" episode to know more about foreign investment, crowdfunding, the threat of the bursting bubble, and the many reasons why you should invest in property.
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