Young Australians are losing hope of ever getting a foothold on the property ladder, a new survey has revealed.
The survey from BrickX found that young people across Queensland felt they were more likely to win the lottery than own a property.
Respondents also ranked peace on the Korean Peninsula and finding life on Mars as events that were likely to happen before they can save enough for a deposit.
Young Australians are losing hope when it comes to getting into the property market with respondents to a survey saying they felt they were more likely to win the lotto than own a home
‘We have seen this desperation and disbelief build over the last couple of years,’ said BrickX CEO Anthony Millet
‘We have seen this desperation and disbelief build over the last couple of years to become a (bigger) problem,’ BrickX CEO Anthony Millet told The Courier Mail.
The survey also found that 50 per cent of respondents felt nervous, anxious and stressed at the thought of entering the property market.
But while many are losing hope, Millet said that some young people haven’t given up the dream of becoming a homeowner one day.
Further results found that almost a third of young people would give up buying clothes or gadgets for a year in order to save for a deposit.
More than 45 per cent said they would forgo an overseas holiday and approximately a quarter were prepared to give up having a child in the near future in order to save.
‘People are becoming much more open to the options that are now being put forward to help them achieve the Australian dream,’ he said.
‘They are very open-minded as to how they can achieve it in different ways to the traditional ways that the generation before them did.’
But while many are losing hope, Millet said some young people haven’t given up the dream of becoming a homeowner one day
BrickX is an investment platform that breaks down shares in properties to 10,000 ‘bricks’, allowing people to invest small amounts into one ‘brick’ of a property.
As the value of the property increases, so does the value of the brick, meaning that when the time comes to sell, their initial investment will have grown significantly.
‘We have moved into building a specific way of helping Aussies get into the property market earlier and hopefully build up that home deposit sooner,’ Millet said.
More than 45 per cent said they would forgo an overseas holiday and approximately a quarter were prepared to give up having a child in the near future in order to save