•   
  •   

Tech & Science House ownership is out of reach for 'disenfranchised' millennials, says CoreLogic property analysts

07:30  27 november  2019
07:30  27 november  2019 Source:   msn.com

Couple forced to move after next door neighbours build a home so close to their house they can touch it from the window

  Couple forced to move after next door neighbours build a home so close to their house they can touch it from the window Bridie Ward and her husband were not notified of the development next to their house in Rosewater, Adelaide. The couple decided it was easier to move rather than fight a legal battle.Bridie Ward and her husband were not notified of the development next to their house in Rosewater, Adelaide.

One in three millennials believe they can't afford to move out until they hit 30 years old, while more than 80 per cent of Australians are worried about how to afford their first property .

Next Post: House ownership is out of reach for ‘ disenfranchised ’ millennials , says CoreLogic property analysts . PHOTO: New report out on construction sector suicides. Photo / Getty Images Job insecurity, business pressures, demands to deliver onRead More →.

a sign on the side of a building: An overwhelming majority (79pc) of those surveyed believe stamp duty costs should be lower or entirely removed. (ABC News: Graeme Powell)© Provided by Australian Broadcasting Corporation An overwhelming majority (79pc) of those surveyed believe stamp duty costs should be lower or entirely removed. (ABC News: Graeme Powell)

The future is looking increasingly bleak for Australians, particularly millennials, who are trying to achieve the "great Australian dream" of owning their own home.

The latest Perceptions of Housing Affordability report by property analysts CoreLogic found 63 per cent of Australians who are still living with their parents say they cannot afford to move out of home.

The report saw a surge in the number of people who think they will not be able to move out until they are at least 30 years old.

Cairns scam victim reclaims house she lost to bankruptcy after continuing to pay mortgage

  Cairns scam victim reclaims house she lost to bankruptcy after continuing to pay mortgage Robyn Hausler continued paying her mortgage and rates for six years, not realising the house she'd lived in for 20 years wasn't hers anymore. Now a court has ruled she can have her property back.Robyn Hausler went broke in 2013, but instead of repossessing the Trinity Beach duplex where she had lived for 20 years, her bankruptcy trustee disclaimed the property, meaning it became the property of the Crown.

House ownership is out of reach for ' disenfranchised ' millennials , says CoreLogic property analysts by StopTheGregSign in australia. Can support this statement. My brother is time poor and used an agent in Sydney to find a property for him. Was definitely lately worth the additional fee as

House ownership is out of reach for ' disenfranchised ' millennials , according to a new report by CoreLogic Australia property analysts . One in three millennials believe they can't afford to move out until they hit 30 years old, while more than 80 per cent of Australians are worried about how to

In two years, that number has spiked from 20 to 34 per cent, with most indicating they would probably rent before buying.

"The report proves that the 'cubby house' syndrome — where children are prolonging their home stay with parents — is intensifying," said CoreLogic International's chief executive Lisa Claes.

"Our youngest generation is effectively being locked out of the market and increasingly dependent on parents."

"If millennials' affordability disillusionment continues, we risk entrenching a generation who become disenfranchised from society."

The silver lining was that 54 per cent of people, among those surveyed — thought that housing affordability was "the same or better than it was a year ago" due to falling property prices and interest rates being cut to record lows in the past year.

Sydney and Melbourne house values surge on lower interest rates

  Sydney and Melbourne house values surge on lower interest rates The biggest jump in Sydney house values since 1988 help propel national market through November.CoreLogic's monthly measure of values showed dwelling values across the nation's capitals jumped by 1.7 per cent in November, the biggest monthly lift since 2003.

House ownership is out of reach for ' disenfranchised ' millennials , says CoreLogic property analysts by StopTheGregSign in australia.

Two thirds of those surveyed by Chase said they believe that , regardless of homeownership status, buying a house is “one of the best investments you can make.” Homeownership may also be well within the reach of many millennials ’ current financial situations.

However, the bigger picture is more pessimistic, with 83 per cent of those who don't already own a property "still worried about being able to afford their first home".

CoreLogic surveyed 2,200 people across all states and territories, aged 18-69 years old, to arrive at those findings.

The 'unholy trinity' of home ownership

CoreLogic also found that the biggest obstacle to home ownership was the "unholy trinity" — saving up for a deposit, getting approved for a home loan, and exorbitant stamp duty costs.

It will take the average Australian almost nine years to save up enough for a 20 per cent deposit, especially at a time when pay rises are stuck near record low levels.

Almost half of them (47 per cent) said they were struggling to raise a deposit.

The median house price in Australia is $533,000, according to CoreLogic's most recent figures.

However, will take much longer if the aspiring home owner wants to buy in the most expensive markets, Sydney and Melbourne, where median prices are $716,000 and $877,000 respectively.

ASX shares rising on booming Australian house prices

  ASX shares rising on booming Australian house prices Australian house prices are booming again according to CoreLogic, which ASX shares are doing well?Every month CoreLogic releases its national Home Value Index for the overall country, as well as the capital and regional areas.

Every new generation brings new trends across different fields, and real estate is no different. And, since the millennials are the largest age group so far, these changes won’t certainly pass unnoticed. Due to their different buying habits, many would say that the property market is out of reach for this

Disfranchisement (also called disenfranchisement ) is the revocation of suffrage (the right to vote) of a person or group of people, or through practices, prevention of a person exercising the right to vote.

One of the major surprises in the report was how tough it had become for people to obtain a mortgage, said CoreLogic's head of research Tim Lawless.

He found that loan approval is now the "second-largest barrier" for Australians trying to buy a home, with 45 per cent saying this was a problem.

Mr Lawless noted this was a massive increase, compared to two years ago, when it was the "sixth most important concern", and 39 per cent considered it to be an obstacle.

"The severe tightening of credit availability following stronger prudential regulation and outcomes related to the banking royal commission is hurting Australians, who are struggling to get a loan," he said.

"Lenders also have a greater focus on evaluating and assessing individual borrower's expenses."

Even if buyers are successful in getting a mortgage, it will remain a burden for a significant part of their lifetimes.

People will typically spend around 35 per cent of their annual salary repaying their home loans.

Opposition to stamp duty

Forty-four per cent of those surveyed said that stamp duty costs — which are 3 per cent of the purchase price, on average, were a significant barrier to ownership.

In addition, an overwhelming majority of people (79 per cent) thought that removing, or even abolishing, stamp duty was the "best strategy" to improve affordability.

That figure was highest among Baby Boomers, with 87 per cent supporting the removal of this property transaction tax.

Even millennials (72 per cent) and "Generation X" respondents (78 per cent) were united in their opposition to the tax levied on housing purchases.

Stamp duty varies significantly for house purchases across each capital city, with the highest median costs seen in Melbourne and Sydney houses — at $40,000 and $35,000 respectively.

On the flipside, CoreLogic's data showed the lowest median stamp duty costs for house purchases were in Brisbane ($11,500), Perth ($16,000) and Hobart ($18,500).

In the middle of the pack were Canberra and Darwin (around $22,000) and Adelaide ($23,500).

Bad news for first home buyers: average house prices to hit $7 million by 2030 in Sydney as property values continue to grow .
Economic modelling predicts house prices in Sydney could double by 2030 if they continue to grow at the existing rate.While prices in the greater Sydney area like the Blue Mountains or Central Coast could rise to about $1.74 million.

—   Share news in the SOC. Networks
usr: 0
This is interesting!