A report released today showed that although there is a significant level of interest in property investment from Australians under 30, most are waiting for the new year before buying.
The main reasons Gen Y gave for investing in property included wanting to set themselves up financially for the future (93%), seeing the advantages of property over share investment (73%) and low interest rates (66%).
"Many have high hopes to purchase more than one property within two years, and whether this is overly ambitious or not, the positive sentiment should provide a boost to the housing industry," said Kristy Sheppard, senior corporate affairs manager at Mortgage Choice, who comissioned the report.
Seventy-one per cent of Gen Y respondents said they would delay their purchase until after 31 December. This indicated that the recovery of property markets would continue well into 2010, said Sheppard.
"Despite their uncertainty over the housing market's health, Gen Ys are still keen to become investors and do so relatively early, giving themselves plenty of time to accumulate a larger property portfolio," Sheppard noted.