new buyers left behind in mortgage rush, page-5

Gen Y are not stupid, all they have seen is house prices stagnate since they entered the workforce and they figure why pay the agent fees, stamp duties, lenders insurance, rates, maintenance, home insurance and mortgage interest to prop up the record profits of banks who still have a big margin against the cash rate that everyone forgot about.

All that plus the freedom to move around as their lifestyles change. When you look at it from that perspective property will have to crash before they even bother going to an open inspection let alone commit to buying something.

The great myth of money growing on houses was smashed for them when they entered the world so they aren't beholden to the mantras we were all conditioned to believe. Add to that the instant gratification and love of credit they all share and you will soon realise there is little chance they want to take on a huge mortgage.

You property moguls should probably be out there encouraging them to stay that way.