According to results from Bankwest, Millennials are foregoing starting a family, luxury items, discretionary spending and their independence to get a foot on the property ladder.
Bankwest general manager personal and third-party banking Donna Dalby believes the results paint a different picture of young Australians than we usually hear.
More than a quarter of young Australians said they would put off having children to afford their own home, while one-in-five were willing to give up basic necessities.
And, in a blow to the stereotype, more than half of Millennials surveyed would sacrifice little luxuries, experiences and big-ticket items to get on the property ladder.
More than a quarter (27.8 per cent) of young Australians were even willing to sacrifice their independence to enter the housing market by living with parents or family for longer.
The cohort also defied property price and cost-of-living pressures to be among the most likely to believe in the Great Australian Dream of home ownership and that it was achievable for them.
“Home ownership may be a daunting prospect for some aspiring homeowners, but we know there are options available to those who are willing to make choices or trade-offs,” Ms Dalby concluded.
“Owning your own home is a key moment in life and it’s important we do all we can to make that process as simple and transparent as possible, and help customers achieve their dream.”
In welcome news for younger Australians, data released by the housing supply minister shows the federal government’s First Home Loan Deposit Scheme (FHLDS) is already helping Millennials achieve their home ownership aspirations.
HIA chief executive industry policy Kristin Brookfield noted that data shows 34 per cent of applicants are aged between 25 and 29, while 76 per cent of applicants are aged between 18 and 34.
“Where first home buyers are looking to live is also encouraging. A large number of applicants, including Millennials, are looking to buy outside the major cities of Sydney, Brisbane and Melbourne. This suggests that people are starting to think outside the box (and the capital cities) when they think about buying their first home,” Ms Brookfield said.
“All Australians seek to have secure housing options. Home ownership is an important fundamental of achieving that and increasing housing supply will have a trickle down effect for the economy as a whole."
“HIA is heartened to see the scheme receiving so much interest and so many first home buyers now being able to achieve their home ownership dream.”
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