Young home buyer belongs to Generation Y Not

SHARE:
Student Nikita Christina tells Lucy Slade she will be a home owner before her 21st birthday.

A 19-year-old student and Coles worker says she will own her first inner Melbourne property within the next year.

Nikita Christina says that when her parents decided to sell a one-bedroom apartment in Hawthorn they did not expect her to be the buyer.

Her plan is to live there for 18 months and make repayments until she has secured the deposit and owns it. She will then put the house up for rent and have the tenants pay off her mortgage.

She says that before she turns 30, the mortgage will be paid off and the rent will go straight into her pocket.

“It’s going to be hard,” Christina says. “I’m not going to be able to buy everything I want.”

She says that, like many teens living at home, if she saw a nice handbag she would buy it. But she would “have to make a lot of sacrifices” to buy the apartment.

Christina’s parents are giving her 18 months to earn the deposit, but are keen to sell the apartment and help their daughter.

Family support may be a key factor in explaining why many young people are so confident of breaking into the property market despite the difficulties, a new housing survey indicates.

In a survey of more than 200 young Australians by Swinburne University journalism students, two in three said their family would help them buy a place to live.

Former federal Treasurer Joe Hockey told the ABC’s Lateline program earlier this year that the Government was “particularly alarmed at the inability of young people to access the housing market”.

But latest figures International Monetary Fund figures rank Australia as the world’s third most expensive housing market.