Gen Y bucks investment trend to prefer bricks and mortar
MOST Australians looking to invest still prefer bricks and mortar over shares, but Generation Y is bucking the trend, a survey by conveyancing lawyers at Slater and Gordon has found.
The firm surveyed 2000 Australians about how attractive property was for investing, with 67% saying they prefer property over shares.
Australians between 45 and 54 were most likely to favour property investment, at just over 71% of all respondents, while only 55% of those aged 18-24 rated property over shares.
The survey also found people in Adelaide, Brisbane and Melbourne rated property investment higher than those in Sydney, Canberra, Hobart, Perth and Darwin.
Slater and Gordon conveyancing works general manager Lee Bailie said it was not surprising older Australians had more faith in property than younger generations.
"A lot of these people bought properties well before the period of rapid price growth that we have seen over the past decade and a half so they have seen a fairly modest investment grow into an asset that is worth a considerable amount in a relatively short space of time," he said.
"In contrast, many young Australians will be daunted by the fact that they have to part with, in most cases, over half a million dollars to buy a median property in a major city."