Older Australians have blocked younger borrowers from the property market, a report released today by Finsia (Financial Services Institute of Australasia) has revealed.
The report – derived from research by Roy Morgan – found that older Australians, buoyed by strong superannuation returns, have increased their borrowing and investment activities.
This in turn has resulted in a ‘crowding out’ of younger borrowers from the purchasing property.
Other points revealed by the report were that 45-59 year olds were found to hold the largest share of financial assets at 41.8 per cent, while 30-44 year olds held 20.7 per cent – almost 10 per cent less than in 1998. 18-29 year olds held just 5.1 per cent of total assets.
The report also found those with owner-occupied mortgages considered to be financially at risk had risen from 10 per cent to 18 per cent since 2002.
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