Investor says ‘young people have missed the boat’
An investor who spent decades climbing up the property market ladder reckons "young people have missed the boat".
Tania Pozzer, who bought her first property as a 21-year-old in 1984, said she feared for first-home buyers attempting to break into the Melbourne market.
Now in her 50s, Ms Pozzer is selling four adjoining Doncaster East properties at 22-28 Churchill St.
Having acquired the lots from 1984 to 2014 whenever they popped up on the market, the combined blocks are expected to fetch between $6-$6.6 million.
After paying just $55,000 for No. 28 in the mid-80s, Ms Pozzer completed the set when she won the 2014 auction of No. 22.
"I acquired 22 Churchill St for a colossal price of $886,000 - an auction I will never forget; my heart was racing until the 'final call, sold'," Ms Pozzer said.
Now living in Rosebud, the former secondary school teacher said she was "lucky" she formed her portfolio at the right time.
"Back then you could walk into your bank, shake your manager's hand and he would give you a loan," Ms Pozzer said.
"I fear for any young person aspiring to purchase their first home, especially in the Melbourne district. The prices are simply too high … I think young people have missed the boat."
Despite the concern, Ms Pozzer said young buyers wishing to create a property portfolio needed to "take the risk".
"Life is too short not to take risks, if you don't go out on a limb you will never find the best fruit," she said.
Barry Plant Doncaster East agent Michael Steenhuis said the Churchill St blocks, totalling 2873sq m, were a "rare land offering".
"It's a unique opportunity for someone who wants a large parcel of land to do a high density project," he said.
Originally published as Investor says 'young people have missed the boat'