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Average age to get on the prope...

Average age to get on the property ladder rising

The average age of first home ownership in Australia is said to be on the rise, currently thought to be standing at almost 38 years old. 

Estate agents up and down the country are reporting that they see more first time buyers in their 40s and 50s, Domain reports. 

Garry Blizzard, a 46-year-old plasterer from southern Sydney, said that he decided now is the right time to become a property owner. 

He told Domain this decision was prompted by becoming a father for the first time just 17 months ago, in addition to becoming tired of the rent cycle. 

Having spent most of his 20s and 30s - as well as lots of his savings - engaging in leisure pursuits such as skiing and surfing, he decided the time was right for a lifestyle change. 

"They're expensive sports," Mr Blizzard remarked. "I was more interested in doing that than anything else."

However, he now spends more time looking around open homes and display suites in the hope of findings the right place at the right price. 

"It's come to that time where I've got to grow up," he commented. "My priorities definitely changed after having a baby. I started thinking more about the future."

Rising rents and low interest rates are cited as two factors that have made buying a more attractive proposition compared to renting. Older first-home buyers are more likely to have saved enough money to put down larger deposits - and they could have a more practical view on what property is best suited to their needs.

Cate Bakos, a Melbourne buyer's agent, said a limited capacity to save might have held back first time buyers in the 40s and 50s until now - and sometimes only a windfall such 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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