Why Gen Y are steering clear of property

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Gen Y need some serious encouragement to get into the property market. Read on to discover why they're reluctant to get their foot on the property ladder.

Interest rate relief needs to go deeper if it is to sway Gen Y towards property, a survey has found.

Fifty per cent of 813 Gen Y respondents to a Loan Market survey have said that two consecutive monthly reductions in the cash rate had not made a difference to them in any way.

Another 32% said they had just been boosting their savings and more RBA rate cuts were needed.

Loan Market said the pressure was on the RBA to further reduce rates at its next board meeting.

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