So what is the solution to Australia’s property bubble? Leading Australian lifestyle property group BresicWhitney vox-popped a group of millennials on what they would like to see done to improve the housing situation in Australia. From limiting tax breaks to a community for young people, the suggestions might surprise you.
“I’d like to see tax breaks limited to just one property. But what might be more realistic is greater community/cooperative housing ideas. Stucco is one example in Sydney that costs students just $100 a week. And more cooperative developments that are cheaper when buying off the plan, Nightingale in Melbourne is one model of that.”
“We need millennial community blocks (the opposite of an over-55 village). Apartments could be tiny (*cough* affordable!) but there’s a bigger focus on community, communal eating/cooking/living areas. Like a hostel, except you have to apply to live there and are bound by a community code of conduct.”
“We’re all screwed until the government fully invests in infrastructure, and the digital workplace allows you to work completely remotely. We need high-speed rail networks from the north, south and west that actually allow Millennials to start living further from the city while staying connected.”
“We need more rent-to-buy and deferred payments that aren’t just quick-sell schemes for developers. Or, new fin-tech solutions that allow us to buy up equity in Baby Boomers’ properties. Cash flow would free them up, and we could spread our investment to owning say 5% of 3 different houses in Sydney, Melbourne and Brisbane.”
There you have it folks, a small yet insightful peek into the ideas bubbling away in the minds of millennials today.
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