Youngsters and their views on property?

I am a Syd homeowner and I can afford a European holiday. However before holidaying I made sure I had a home in my name first!

 

show off...you must be from Sydney. the most us poor brisbanites can do is a trip to the local shopping mall.

 

I see no reason to be jealous of someone visiting third world countries. In fact I would only travel to those places if it's free.

 

Not sure if it's too late in the conversation to jump in with where I am.
But I'm 25 (wife is 26)
I bought our first house when 21, purchased another at 24 and no.3 at 25.

Selling no.1 to free up some cashflow and move back away from the debt ceiling. No.2 is an investment, no.3 is our PPOR (with value add potential through renovations currently underway.)

It's a start, but I have ambitious goals, so I will keep at it.

EDIT: As for my view on property, I'm not a fan of not living beyond your means. If you can't afford to live somewhere, then move. Do what you need to do. I travel over an hour for work each way, and have done for years. But unlike many other friends I have who are renting in Sydney, I have been able to live in a property with my name on it for the last 3 years.
I do have a bias and strong interest in investment, and property in particular - so that may also be part of it.

 

Old is always 10 years older than you are...

 

im sure donald trump sleeps very well with his hot bimbo wife with a few billion in debt

no point lumping good and bad debt together,

if I had $1m in bad debt, Id be asleep........6 ft under

 

Your actual chronological age does not matter.

It's how young you're perceived to be, that matters.

 

I'd like to to think I am still young at 27!

 

Good on you mate! I definately understand your friends though 1 million dollars of debt is huge at any age.

Most 25 years old

Why would you not understand the mentality of your friends? Most 25 year olds are partying and living for the now. Time/life gos in the blink of an eye. And you dont want to regret it.

1 million dollars is a HUGE debt to have to service for many years.

 

Chronological age or perception of your age is not important , it's your "bio" age or how healthy you are that really matters.
You can be a 25 yr old at risk of a heart attack and dying at 40.....
Or you can be a 40 year old with more pep and energy than an average 25 yr old.
Health.....it's the only thing that matters....and can't be taken for granted.
Apologies for getting off topic....but it's an area I am passionate about

 

Love that I got on the machine at work... real age was something over 35. Bio age: 21!

 

Well I'm 27 so don't quite meet the requirements but I'll post anyway.

I purchased my first property at 21, a 2 bedroom townhouse in Mosman Park, Perth and then 2 apartment buildings in the US at 25.

Have since sold my portfolio making about 25% profit on the Perth property and 50% on each of the 2 US, Florida properties. Devastated I sold the US properties. I sold when the $AUD was at $1.05 and was making a 30% net return. Lost out on about $100,000 if I was to sell now or an additional $1,000 per month if I had held.

I was very close to buying in Melbourne about 12 months ago however failed at a few auctions. I held a little fear about the market then and was only looking at properties with rezoning, renovation, additional bedroom etc potential.

I hold even more fear now and am concentrating on starting a business (not property related) and will be staying out of the market. I'm living in Sydney now but can imagine myself moving back to Perth in the next 10 years so will be keeping an eye out for a future PPOR in the Cottesloe & City Beach areas to try and pick close to the bottom. I think Perth has a fair way to fall over the next couple of years though.

I work for a Council in Sydney and am looking for an entire apartment building for around the $5 million mark. Have noticed a lot of developers have dropped off over the last month or 2 and there is definitely less competition. As far as residential goes I'm not in the market so I cant really say a lot about it.

 

Supose it all comes down to ROI and risk.
I feel like I have a resoanble balance (more cashflow would never hurt)

Plus I dont think you need much money to be "partying and living for the now" Thats all a state of mind

 

Well done! And good to see your using your time wisely at council looking at property rather than getting bogged down in council life! I tip my hat to you that was my plan to get a Council job and run something on the side

 

Have you been to Singapore to be able to qualify it as a third world country? I really laughed at that .

 

I am 25 (I still count it as a youngest because I am only four months out of Uni) and today I just bought IP2... Once finance is sorted I will be over half a million bucks in debt! =)

Most people from Uni will 'save money when I get a real job'... Hehe we all know what happens when spenders get a better paid job.

 

You're doing very well to have 2 ips, considering you are only 4 months out of uni!
And I agree with what happens when people get a better job or payrise.... oh, I need a new car.... good to see that you can see that!

 

Great job, I've come across a few of those at uni. Being in commerce, it only makes it worse when everyone assumes they'll be on 100k in 2 years...

 

Thanks @Gockie and @Daniel007

I am really pleased with my good habits! It comes from the fact that when I got my first job I desperately wanted a horse.. So from then on I have been amazing at saving! Keeping living expenses minimal (I have an outside loo, but I get free rent from my nan in exchange for helping her out when needed) and increasing the income as much as possible (hello overtime)... It is a formula for success I hope!

Haha I assume I will be taking a pay cut in the next 12 months as I am trying to move into my area of interest.... The problem with law students (in my experience) a lot of them will walk into jobs with family ect.

 

We have a strong % of <30 yr old clients, and even at that <25 yrs old, to the point that it's completely unsurprising to have a 18-20 yr old come in ready to get their first investment property. Almost every Gen Y person I know has a property or intends to buy a property - it's very front of mind for young people these days.

The only people I've found who talk about the 'impossibility' of owning a property due to their age is using it as a crutch to mask their self limiting beliefs or other faults.

Fun Fact: the current Gen Y are more likely to own multiple properties within their age group than any other previous generation.