January 28, 2019

Having children or saving for a house?

As the cost of living continues to rise, many young Australians are putting their plans for a family on hold to try to break into the property market.
The high cost of housing, particularly in Sydney, is one of a number of factors pushing up the average age at which mothers have their first child according to the Australian Institute of Family Studies.

With the majority of young people now studying longer, they are living longer with their parents and then entering the workforce, building a career, forming serious relationships and becoming financially secure at a later age. First-time mothers aged over 30 — once in the minority — now make up about 50 per cent of new mothers.

The high cost of raising a child combined with the need for parents to take time out of the workforce or put a large proportion of their income towards childcare, meant it was only natural to aim to buy a property first.

We are also seeing a shift towards young families and couples relocating or moving back to our area from Sydney in order to just get a foot into the property market, where it is way more affordable.

For more information on the local property market, call Andrea Tucker on 0402 487 887