The faster pathway to building wealth is no longer how much you earn, investors believe
A new survey reveals almost half Australian investors think the route to achieving their financial goals is not through wages
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Almost one in two Australian investors believe what they own is more important than how hard they work and the income they earn for building wealth, according to a survey of more than 2,000 investors conducted by online trading platform Stake. This attitude reflects the fact that house prices have risen faster than wages for many years, according to Stake CEO, Jon Howie.
“In Australia, over the past 30 years, house prices have risen by an average of 8 percent per annum, compared to around 3 percent for wages, and it’s a similar story in New Zealand,” Mr Howie said.“Given the property market’s increasing barriers to entry, people are looking for other routes to building wealth. Rather than simply waiting for things to get better, they are upskilling, delaying gratification and engaging with financial markets to supplement their hard work.”
Investors cited slow wage growth as among the three biggest barriers to achieving their financial goals. Almost one in four investors expect no increase to their salary this year, or even a decrease, amid early signs that the labour market is loosening. While the overall unemployment rate remains low at 4 percent, Australian Bureau of Statistics figures released this week show there are 1.9 million people who would like to work but can’t find a job and 1.7 million workers who would like more hours.
Mr Howie said the survey results demonstrated a longer-term shift in our economy and the mindset of investors. “… the traditional blueprint to achieving financial security – namely getting a ‘good job’ and buying property – is not as accessible or reliable as it once was,” he said.
Rapidly rising house prices have made property ownership unattainable for some investors, with only 11 percent of survey respondents ranking real estate as the most accessible asset class for building wealth.
While investors are cutting back on discretionary spending to cope with today’s higher costs of living, about 75 percent are still putting some of their income into investments. The most common amount was 1 to 5 percent of their salary. Younger people have been the most active over the past six months, with 85 percent of 18 to 24-year-olds buying assets during this period. One in five investors said they intended to spend their stage three tax cut savings buying shares.
The survey revealed the five biggest motivations for Australian investors, starting with retiring and living off their investments; and supplementing their wage or salary with investment income. The next biggest motivations were funding holidays and travel, cutting back on hours and buying a home.
Australian investors have various definitions of financial success. More than 85 percent said being debt-free and owning their own home were the two most important financial achievements. Other definitions included being able to live in the neighbourhood they want (77 percent) and having the capacity to help family members (75 percent).
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A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
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A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
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