THE one thing they are not making any more of, is land and being able to have your own little piece of it is, in the majority of cases, a pathway to long term financial security.
The baby-boomers reputedly on average have twelve times the wealth of millennials. Young people need to take note if they are to catch up and for most, the way they have done that is through their investment in property.
The arguments against buying property largely relate to the huge city prices while regional prices are well within the capabilities of young buyers.
The average range of bare land prices in the Shepparton region are $150,000 to $250,000 and the average house price is in the region of $315,000 whereas a similar house in a city suburb can be well over a million dollars.
While the gains may not be the same as the city, they are still healthy. Shepparton is in the upper range of locations around the country when it comes to increased value over several years.
Aussie property ownership is one of the reasons behind Australians being ranked as one of the wealthiest people in the world, according to Credit Suisse Global Wealth Databook.
Right now, we are experiencing huge demand on land and property in the region which in turn will push prices higher due to scarcity.
If millennials are to catch up to the boomers, the obvious option is to start small with an affordable property that is well within their limits and move up to a bigger property as their circumstances permit.
