Home ownership is the great Australian dream – less than half of 24 to 35 year olds are homeowners. Well that may not surprise you dear reader but did you know that home ownership has declined from 61% in 1981 to 47% in 2011 and the proportion of Aussies spending more than a third of their income on mortgage repayments has jumped from 20% since 2006. Australian Institute of Health & Welfare director David Kalisch recently said “the boom in in house prices before the Global Financial Crisis combined with higher unemployment was putting housing out of the reach of some Gen Y buyers. David Kalisch has a good point but I think some of the problem also has to do with managing ones money correctly. Way too many people think that because they live in the lucky country it’s their right to have what they want whenever they want it no matter the cost. I hate to be a party pooper but one can’t keep spending more than one earns – if you want to know what pain is all about just keep spending till you hit the financial brick wall – ouch! The following link will take you to an article by Natasha Bita titled “Gen Y locked out of housing market as prices soar” news.au/realestate/news/gen-y-locked-out-of-housing-...
Posted on: Wed, 14 Aug 2013 23:57:54 +0000
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