Gen Y told to get on property ladder or miss out
ing to demographer Bernard Salt, who said it was a group “bubble-wrapped” by parents and treated as “special”.
Grow Property Group director Ayda Shabanzadeh, 31 – now onto her eighth property investment – said if her peers were not careful, they could miss out on owning property unless their parents helped them.
“Gen Y are used to being silver-spooned and getting everything they want handed to them on a platter by their parents,” she said.
“Unless they smarten up before it’s too late, many in Gen Y will only own property if they inherit it or if they’re kickstarted by a large sum of money donated by their parents.”
Ms Shabanzadeh said it was “not that hard” to build up a house deposit if you were committed to reaching your property ownership goals.
She said saving 10 per cent of your salary was a good start.
“I’ve done it, and I probably earn less than many Gen Y peers in the city.
“The difference is, people are living beyond their means, getting into debt because of things they want, like holidays and designer clothes.
“You can do it if you want to learn how to,” Ms Shabanzadeh said.
She also urged would-be buyers to reconsider their living conditions, such as taking on flatmates to cut back on bills, and avoiding more expensive suburbs.