Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Young Aussies still aspire for home ownership

A vast majority of Millennials still see owning their own home as an important goal. However, many are still reliant on family for home loan advice, according to a new national survey.

Research conducted on behalf of customer-owned lender Gateway Bank, in conjunction with lender’s mortgage insurance provider Genworth, has found that 94 per cent of Millennials still see owning their own home as important.

The study consisted of a survey of 2,127 Millennials (aged 23-38) across Australia.

With a high number of younger Australians vying for a spot on the property ladder, many are looking at getting a start soon, as the study found that 66 per cent of Millennials who don’t already own a home are hoping to purchase a property within the next five years.

According to the findings, 58 per cent of Millennials cited the financial security of home ownership as the most attractive factor for getting into the property market, followed by 48 per cent who stated investment potential as the biggest driver.

Advertisement
Advertisement

Additionally, 46 per cent of participants believed that renting is a waste of their money.

According to the survey, two-fifths (42 per cent) of participants stated that a low interest rate was the most important factor in selecting the right mortgage product.

While a significant amount of younger purchasers put emphasis on finding the right mortgage product, the survey also found that more than a third of Millennials (36 per cent) rely heavily on their family for advice on home loans.

When it came to barriers, more than half (58 per cent) of surveyed participants stated that saving for a deposit was the biggest obstacle to accessing the housing market.

However, the research suggests that, despite it taking up to four years for couples to save for a deposit, many are happy to make sacrifices in their lifestyle spending in order to do so.

Gateway Bank CEO Lexi Airey said it was “really pleasing” to see Millennials still striving for home ownership and taking on savings measures in order to achieve this goal.

“[There have been] a lot changes over the decades, but some things stay the same and it is interesting that today’s generation still have such similar views around home ownership as their parents and grandparents,” said Ms Airey. 

“Owning a home to raise a family or provide stability is as relevant today as it was many years ago.” 

However, other studies suggest that for younger Australians aged 18-24, home ownership is not yet on the horizon, with one in three stating they would prioritise travelling the world over saving for a deposit.

[Related: Aussies value travel over home ownership]

Young Aussies still aspire for home ownership
Young home buyers
mortgagebusiness

Latest News

The Reserve Bank’s latest Statement on Monetary Policy reported that borrowing growth slowed during 2022’s first half, driven by a lull ...

Les Vance, Westpac’s former group executive for compliance and financial crime, has been named as the property exchange platform’s next...

The number of capital city homes clearing auctions reached its lowest recorded figure in over two years, according to new data. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.