Mortgage rate conceptQueensland accounted for the most number of mortgage applications from those below 30 years old for the first half of 2017, according to a study by Credit Simple.

The credit information company listed the state as the most popular region in Australia for mortgages in that age bracket, as it had 17 per cent of young Australians that seek housing loans compared with a 15 per cent national average.

Regional Investments

Western Australia ranked behind Queensland with 16 per cent comprising young mortgage applicants, followed by 15 per cent in South Australia and 14 per cent in Victoria. As average selling prices in Sydney reach almost $800,000, it’s unsurprising why the percentage of young mortgage applicants in New South Wales only reached 13 per cent, according to Credit Simple spokesperson Emily Price.

In Brisbane, however, the average price for a home amounted to more than $476,000, which is clearly more affordable, Price added. While there are many ways for young people to dabble in real estate, an investment property group in Australia like Vystal Group serves as one good option. A property consultant will be very beneficial especially if you intend to use real estate as a long-term investment.

The Typical Investor

While more people seem to be inclined on investing in real estate, the typical investor in Australia is likely a 42-year-old man with a net annual income of $103,200, according to Maria Yanotti, a University of Tasmania professor.

As much as 72 per cent of investors from this demographic have spouses, with 27 per cent supporting themselves through self-employment. However, Yanotti noted that most Australian residential property investors don’t rely on real estate as their primary source of income, as opposed to the popular belief that you can solely survive on this asset class.

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Conclusion

It pays to start early on choosing an investment strategy for properties. Even if you’re already beyond 30 years old, finding a good investment consultant will help you catch up on lost time and opportunities.