Gen Y welcomes the new age of home investors
TOM Searl has made the move from the nest into the real estate market.
The 24-year-old bought his first property this month in Yeppoon's Barlows Hill, and it seems many in Generation Y are following suit.
Data released from the Domain Consumer Insight Study this week suggested the number of Generation Y Australians who own multiple properties is now on par with the Baby Boomer generation.
A total of 16% of Generation Y own two or more properties compared to 17% of Baby Boomers and Generation Xs.
Tom said after considering the price of rent and mortgage repayments, deciding to buy was the way to go.
"I figured I may as well put the money I would spend on rent towards a house... I was sick of wasting my money," he said.
"It was a good time to buy because the interest rate was low and property was pretty cheap. I feel safer investing in property rather than something like shares."
Tom's real estate agent Adam Cook of Yeppoon Real Estate said the influx of young buyers he had seen could be attributed to the affordability of the CQ region and the government's first home buyers grant.
"I find that depending on whether it is their first or second home, Gen Y are generally purchasing properties in their early 20s," he said.
"We see young people flipping properties or building to make money rather than buying an investment and renting it out.
"They are almost more decisive buyers because they're savvy. They've done their research and they're willing to pay a little more for what they love."