{"id":25421,"date":"2020-05-26T09:59:17","date_gmt":"2020-05-25T21:59:17","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25421"},"modified":"2020-05-26T09:59:17","modified_gmt":"2020-05-25T21:59:17","slug":"covid-19-pandemic-how-will-youth-unemployment-affect-gen-zs-ability-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/covid-19-pandemic-how-will-youth-unemployment-affect-gen-zs-ability-to-buy-a-home\/","title":{"rendered":"COVID-19 pandemic: How will youth unemployment affect Gen Z\u2019s ability to buy a home?"},"content":{"rendered":"

PHOTO: First-home buyers Isabelle Whittington and her husband Aidan Keogh. Photo: Peter Rae<\/strong><\/p>\n

When the country\u2019s oldest Millennials were in their 20s, Australia saw its first economic downturn since those same young adults were in primary school.<\/p>\n

Australia managed to avoid a recession after the Global Financial Crisis in 2008, but the economy took a hit, and young people bore the brunt of it.<\/p>\n

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The COVID-19 pandemic<\/a> is likely to have a similar, if not worse, impact on young adults today, who will face a tough labour market for some time \u2013 making it even harder to save for their own home.<\/p>\n

Getting onto the property ladder was already tough for older Millennials \u2013 many making the leap with help from the Bank of Mum and Dad. But for younger Millennials and Generation Z, who may find it harder to get a job or earn good salaries \u2013 and whose parents have less home equity \u2013 challenges lie ahead.<\/p>\n

After the GFC, graduate and entry level jobs were harder to come by, as the youth unemployment rate skyrocketed and continued to climb long after the crisis.<\/p>\n

As those first Millennials hit their 30s, house prices in Sydney and Melbourne soared \u2013 up more than 80 per cent in Sydney and nearly 70 per cent in Melbourne from 2012 to 2017. Meanwhile\u00a0wage-growth slowed and stagnated, dropping below 2 per cent in 2016, and struggling to push past 2.3 per cent by the end of last year.<\/p>\n

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