Miplan – Housing Market Tips for Young People
You may have seen the 60 Minutes Australia program about a luxury property developer & how he came to make millions. Tim Gurner made headlines for describing the current trend of buying expensive cafe food & coffee as one of the reasons why millennials were struggling to buy houses.
Financial advisors are suggesting that some of ‘you’d rather waste your money on an Instagrammable breakfast than make sensible investments like buying a house.’ Tim explained that he certainly ‘wasn’t buying smashed avocado for $19 and four coffees at $4 each’ whilst saving for his first property.
An article released by the BBC decided to investigate just that – roughly how many pieces of avocado toast would it actually take to afford a home? They looked at 10 cities around the world, crunched the numbers and found out.
We took the average cost for avocado toast in a handful of cafes in each city, and looked at how many you’d need to forego to afford a 20% deposit on a home. House prices are based the average price for a 90sq m apartment outside the city centre, reported by users of cost-of-living website Numbeo.