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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Young Aussies turn to crypto to fund their way into the property market

By Maja Garaca Djurdjevic

June 09 2021
Share

Invest

Young Aussies turn to crypto to fund their way into the property market

By Maja Garaca Djurdjevic
June 09 2021

As property prices swell, young Aussies are becoming increasingly discouraged by traditional investment options, with one in five prepared to consider crypto as a way into the market.

Young Aussies turn to crypto to fund their way into the property market

By Maja Garaca Djurdjevic

June 09 2021
Share

As property prices swell, young Aussies are becoming increasingly discouraged by traditional investment options, with one in five prepared to consider crypto as a way into the market.

As many as 22 per cent of Australians believe investing in cryptocurrencies could be the answer to saving for a mortgage deposit, with just as many admitting their interest in crypto peaked as the value of traditional savings declined, new research has revealed.

But, not only are Aussies looking at crypto as a way into the property market, some are even considering abandoning the cultural norm to explore other options to grow their wealth.

Research based on a survey by Kraken has revealed a decline in traditional investment options among young Aussies, with 39 per cent of Millennials revealing they have considered crypto as a good alternative to buying an investment property. This number is slightly lower among older Aussies, with 31 per cent of Gen Z and 24 per cent of Gen X showing the same enthusiasm.

According to Kraken’s managing director, Jonathon Miller, while Aussies do lag behind the US in terms of adoption, interest in crypto is increasing.

“Australians still maintain some conservative attitudes towards investment. Property has been a cultural norm and high on the wishlist for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth,” said Mr Miller.

“It’s these younger Australians who are changing the dynamic, and with more education, we expect the broader market to come around to the idea of investing in cryptocurrency.”

Kraken’s findings also revealed that reasons for shying away from crypto are varied, with 47 per cent of Baby Boomers steering clear because of the asset’s perceived volatility. As for those 18-35, 39 per cent said they don’t have the funds to invest, while 29 per cent said they didn’t know how.

As such, Mr Miller pointed to a need to educate Aussies and help them discover cryptocurrency.

“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings, we’ll see cryptocurrency come into its own in APAC,” said Mr Miller.

Crypto’s rise in popularity has also garnered the attention of the Australian Taxation Office (ATO), which last month announced that it would be sending a letter to 300,000 taxpayers with cryptocurrency assets informing them of their tax obligations, with an additional 100,000 Aussies set to receive a notice to review their previously lodged returns.

The ATO said at the time that there is a misconception that cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars.

“We are alarmed that some taxpayers think that the anonymity of cryptocurrencies provides a licence to ignore their tax obligations,” Assistant Commissioner Tim Loh said.

“While it appears that cryptocurrency operates in an anonymous digital world, we closely track where it interacts with the real world through data from banks, financial institutions and cryptocurrency online exchanges to follow the money back to the taxpayer.”

Last year, the ATO directly contacted around 100,000 taxpayers who had traded in cryptocurrency and prompted 140,000 taxpayers at lodgement.

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About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

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