Turns out Australians hoping to enter the property market aren’t just battling soaring house prices, they’re also racing against a ticking clock.
And if you haven’t got your foot in the door of your own place by the age of 45, you’ve probably “missed the boat”, a leading expert has warned.
You see it’s not just the ever-inflating bubble that’s against you, as your risk of sickness and unemployment increases with age, so do the difficulties you’ll face convincing a bank to help you out.
“If they can’t accumulate the savings by 45, they’re not that likely to ever because the housing is that much more expensive, and whether a bank will lend to them is a separate issue,” Swinburne University’s Dr Andrea Sharam, who authored a new report on the subject, told The New Daily.
The report looked at the wealth of men and women aged 40 to 65 as well as recent retirees.
