It’s easy to assume that millennials are unique in their home-buying struggles thanks to rising property values in Sydney and Melbourne, but statistics tell a different story. Even though the average mortgage debt of young homeowners has increased by 99%, the current property market is also financially straining four other groups. Among the victims are renters, singles, owners-occupiers and retirees.
The demand for rentals has risen along with rent prices thinning the pockets of Australian renters. This supply-and-demand dynamic can also be seen stripping singles of the opportunity to live in conveniently located suburbs. As singles are priced out of prime locations, owner-occupiers are forced to stay put as moving is fraught with uncomfortably high costs. These high costs affect older homeowners in stealthy ways, too, by increasing tax bills.
The great divide between the haves and have-nots is only increasing thanks to current market trends. Click over to The New Daily for a deeper rundown on the overlooked victims of an inflated property market.