Young Gladstonites leap into market, but not on home turf
GLADSTONE'S younger generations are looking to snap up property earlier, according to a local expert, but not strictly in the local market.
Soundbridge Financial Framework senior consultant Dianne Ferris said there had been a recent shift in investor behaviour.
"We've seen a little bit of a change. People are shying away a little from investing in property here at the moment," she said.
"We're seeing a bit more interest in the share market. People seem to be more willing to come up with $2000 to $5000 a month than commit to a $500,000 mortgage."
She said investors were concerned they might not be guaranteed a return on their investment, and their ability to offload property in the future was not certain.
"I could probably relocate my business to the Sunshine Coast at the moment for property investments," Ms Ferris said.
"It seems at the moment that most of the people I'm seeing are happy to pay their rent or share accommodation in the area, earn their money, but buy their dream homes elsewhere, particularly the Sunshine Coast for the lifestyle it offers."
Nationally though, growing numbers of young home buyers are getting in over their heads.
New statistics from the Household, Income and Labour Dynamic in Australia (HILDA) found one in every 40 families with a mortgage owed more to the bank than what their home was worth.
The federally-funded survey also found one in five renters was in "housing stress", spending more than 30% of their disposable income on rent. A further 6% had "mortgage stress", spending a third of their pay on repayments.
The report said these experiences were seeing people abandon the Australian dream of owning their own home.
NOT everyone has given up on Gladstone as a sound property investment opportunity.
Ebony Hughes, 24, and Daniel Beveridge, 25, currently own their own home, and are in the process of building their dream home to move into.
They are confident in the future of Gladstone and plan to hold onto their current residence and use it as an investment property when they make the switch to a new house.
"We figured that we're still going to get good returns entering the lower end of the market," Ms Hughes said.
"We're pretty smart with our money and we think we'll be in a good position in the long-term."