Australia's property obsession is ending. The next generation of wealth builders is already looking elsewhere.

For decades, Australians have been told there is only one reliable path to wealth: buy property, hold it for the long term and watch it appreciate. That belief has shaped everything from family conversations and financial advice to government policy and our national psyche.

However, I believe we are witnessing the beginning of one of the biggest shifts in Australian investment behaviour in a generation. Recent changes to capital gains tax settings have forced investors to rethink a fundamental question: Is property still worth it?

For many, particularly younger Australians, the answer is becoming increasingly uncertain. This is not simply about tax, it is about risk versus reward.

Property has never been a passive investment, despite how it has often been marketed. Anyone who has owned an investment property understands the reality. There are tenants, maintenance, repairs, insurance claims, council rates, compliance obligations, property managers, vacancies and constant unexpected expenses. One leaking roof, one difficult tenant or one major repair bill can wipe out years of carefully planned returns.

For years, investors accepted those challenges because there was a clear reward at the end of the journey. Capital growth, combined with favourable tax treatment, made the effort worthwhile however that equation is now changing.

As governments reduce the financial incentives associated with long-term property investment, many Australians are beginning to ask whether there are smarter, simpler and more flexible ways to build wealth. Increasingly, the answer is yes.

One of the biggest changes I have observed over the past few years is not simply where people are investing, but how they think about investing. Previous generations often viewed shares as speculative and property as safe.

Today's investors have access to far more information. They understand diversification, global and liquidity. Most importantly, they understand they no longer need to concentrate all of their wealth into a single physical asset located in one suburb.

Technology has democratised investing.

With a few taps on a smartphone, investors can now access thousands of companies across dozens of countries through exchange traded funds (ETFs) that provide low-cost, diversified exposure to some of the world's fastest-growing industries. This is changing behaviour dramatically.

ETFs have become one of the most significant investment innovations of the past two decades because they allow everyday Australians to invest efficiently without needing to select individual shares or actively manage portfolios.

Unlike property, they require no maintenance, no tenants, no insurance and no emergency phone calls on a Sunday afternoon. They also allow investors to spread risk across hundreds or even thousands of businesses.