A property commentor has suggested inheritance might be much of Generation Y's best shot at home ownership, following a report that said their prospects were rapidly declining in New Zealand.
Data released yesterday by the analytics firm Veda said New Zealanders younger than 28 were increasingly becoming "property orphans", and prioritising shopping and travel over aspiring towards home ownership.
Property commentator Alistair Helm told the Herald today that much of Generation Y would have to wait to receive their inheritance to make their first steps on the property ladder.
Changes to loan-to-value restrictions introduced by the Reserve Bank earlier this year and successive rises in the Official Cash Rates have been blamed for making home ownership less accessible for young people.
We looked at whether to rent or aspire to home ownership on The Wireless back in December, and found a number of young New Zealanders have decided to opt out of the quatre-acre dream.
