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Young people are missing out on home ownership because they aren’t prepared to make sacrifices, according to one real estate agency.
Malcolm Gunning, principal of Gunning real estate, has said that when it comes to home ownership, young people are an uncompromising generation.
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“There are lots of young people who are complaining that it is too hard to buy in Sydney, however they won’t forgo their material possessions,” Mr Gunning commented.
“More and more we are seeing a victim mentality associated with the high cost of property, yet this ‘generation selfish’ sees wide screen TVs, designer clothes, international holidays and eating out as everyday essentials,” he said.
“They simply won’t do what is necessary to cut their lifestyle in order to save a deposit.”
Mr Gunning also said that young people are not prepared to invest in a ‘stepping stone’ property in a less desirable location.
“They want the Surry Hills pad, right now and won’t modify their expectations,” he said.
According to Mr Gunning, this issue can mostly be seen in Sydney.
He commented that unlike Sydneysiders, young people in regional areas who are earning less are making sacrifices to get into the property market.
“They recognise that getting onto the property ladder should be a priority and do everything they can to ensure they are saving to get to their end goal,” Mr Gunning said.
[Related: First home buyer market collapsing]
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