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Millennials, also know as Gen Y (born between 1980 and early 2000s) often have their own values and ambitions which set them aside from their predecessors.

It is these values and ambitions that not only frame and influence their view of the world, it is also a huge factor for them when it comes to their financial decisions including travel, work and property purchases.

So how do millennials feel about property investment and climbing the property ladder?

1. Enthusiastic

Contrary to common belief, a Domain Consumer Insights Study revealed that the average age of a millennial when purchasing their first investment property is 25. This is in comparison to the baby boomers, who are purchasing their first investment properties two decades after the age of 25.

According to the study, 17 per cent of millennials own two or more properties.

All of this research indicates that millennials are jumping onto the rung of the property ladder at quite an early age. Although, it important to note that 26 per cent of millennials do not fall into this category as they are still living at home with their parents.

2. Apprehensive

While a portion of millennials are embracing the property purchase evolution, there are still quite a number that revealed some anxiety around the property purchase issue, with a survey compiled by BDO revealing that 87 per cent of 18 – 29 year olds believe that their generation will never be in the position to own their property outright.

In light of this, a whopping 93 per cent of those surveyed indicated they had money saved, with the average savings amounting to $8,000.

This survey also shows that millennials are money savvy, with over 65 per cent of them committed to their long-term saving and investment goals.

These positive habits may be contributing to why so many of them are in fact ascending the property ladder from fairly young ages.

If you would like advice about Property Investment, feel free to give the team at Hicks Real Estate a call on 07 3355 6845. We’ll be glad to explain how we can help you begin building your property portfolio.

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Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.