Invest
More power to Millennials as property ownership proves possible
Nearly half of home-buying Millennials believe the COVID-19 situation has actually made home ownership a more achievable goal.
More power to Millennials as property ownership proves possible
Nearly half of home-buying Millennials believe the COVID-19 situation has actually made home ownership a more achievable goal.
According to a new report from ING, an attitude shift means a third of those who are considering a property purchase will do so within the next 12 to 24 months.
The Future Focus: Homeownership report has found that Millennials have used the lockdown to get on top of property goals – 59 per cent have redirected travel budgets to a home savings account, 37 per cent have taken up a side hustle, while 36 per cent have moved back in with their parents.
ING’s head of home loans, Julie-Anne Bosich, believes that the research suggests Millennials, and Australians more generally, “haven’t given up on the great Australian dream of owning their own home, they’re just rethinking how they go about getting there and re-evaluating where they might want to live”.
In order to save and, ultimately, to buy sooner, ING found that half of Millennial home buyers are now considering living on the city fringes and in more outer suburbs that could be more than 45 kilometres from the city.
A further one in five (22 per cent) is intending to buy a smaller property in a cheaper area and rent it out until they can afford a forever home.
The report revealed that Millennials are notably more likely than Gen Z or Gen X to enter the property market with a partner.
Six in 10 of them (or 60 per cent) expect to take this route, compared with just 41 per cent of Gen Z individuals and 35 per cent of Gen X buyers.
While one in five Millennials intends to do it alone, another 9 per cent of Millennial purchasers are considering buying in with a friend or family member to enable them to get on the ladder more quickly.
Ms Bosich said the report suggests, “Many people, especially Millennials, are being savvy by taking advantage of record-low interest rates, government assistance and a weakened housing market to get on the property ladder.”
With the recent lockdowns likely proving to Millennials that they can cut down on external expenses, ING has revealed that more than half of home-purchasing Millennials will limit personal shopping to achieve their property goals.
A further 42 per cent are planning on reducing their dining-out expenses, while 28 per cent will cut down on recreational drinking.
With gyms another victim of recent restrictions, some Millennials have also decided they won’t be going back – 21 per cent will give up their gym membership in pursuit of stronger savings.
RELATED ARTICLES
About the author
About the author
Property
The 2026 Suburb Thesis: A case study in turning trend lists into investable strategy
A new crop of ‘suburbs to watch’ is hitting headlines, but translating shortlist hype into bottom-line results requires more than a map and a mood. This case study shows how a disciplined, data-led ...Read more
Property
From signals to settlements: A case study in turning property insight into investable action
Investor confidence is rebuilding, first-home buyers are edging back, and governments are pushing supply — yet most property players still struggle to convert signals into decisive movesRead more
Property
Australia’s rental choke point: why record-low vacancies are now a boardroom issue
A tightening rental market is no longer just a housing story—it’s a macro risk, a labour challenge and a strategic opening for capital. With vacancies near historic lows and rents still rising, ...Read more
Property
Rents are rewriting the inflation playbook: what record‑low vacancies mean for Australian business
Australia’s rental market is so tight that housing costs are now a primary transmission channel for inflation and interest rates. This isn’t just a property story; it’s a business risk story—affecting ...Read more
Property
Off-market real estate is going mainstream — and changing the rules of dealmaking
With public listings tight and sales still climbing, Australia’s investors are shifting to off-market channels that reward speed, networks and data advantage. The playbook is closer to private equity ...Read more
Property
Australia’s rental squeeze is now a business problem: inflation, capacity and the new growth calculus
Record-low rental vacancies are no longer just a social headline – they’re reshaping cost structures, wage dynamics and capital allocation across corporate Australia. With economists warning of a ...Read more
Property
Rents Are Repricing Australia Inc: What record‑low vacancies mean for inflation, talent and strategy
Australia’s rental market has slipped into a vacancy desert, and it’s not just tenants feeling the heat. Persistently tight supply is pushing up rents, embedding services inflation and complicating ...Read more
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
Property
The 2026 Suburb Thesis: A case study in turning trend lists into investable strategy
A new crop of ‘suburbs to watch’ is hitting headlines, but translating shortlist hype into bottom-line results requires more than a map and a mood. This case study shows how a disciplined, data-led ...Read more
Property
From signals to settlements: A case study in turning property insight into investable action
Investor confidence is rebuilding, first-home buyers are edging back, and governments are pushing supply — yet most property players still struggle to convert signals into decisive movesRead more
Property
Australia’s rental choke point: why record-low vacancies are now a boardroom issue
A tightening rental market is no longer just a housing story—it’s a macro risk, a labour challenge and a strategic opening for capital. With vacancies near historic lows and rents still rising, ...Read more
Property
Rents are rewriting the inflation playbook: what record‑low vacancies mean for Australian business
Australia’s rental market is so tight that housing costs are now a primary transmission channel for inflation and interest rates. This isn’t just a property story; it’s a business risk story—affecting ...Read more
Property
Off-market real estate is going mainstream — and changing the rules of dealmaking
With public listings tight and sales still climbing, Australia’s investors are shifting to off-market channels that reward speed, networks and data advantage. The playbook is closer to private equity ...Read more
Property
Australia’s rental squeeze is now a business problem: inflation, capacity and the new growth calculus
Record-low rental vacancies are no longer just a social headline – they’re reshaping cost structures, wage dynamics and capital allocation across corporate Australia. With economists warning of a ...Read more
Property
Rents Are Repricing Australia Inc: What record‑low vacancies mean for inflation, talent and strategy
Australia’s rental market has slipped into a vacancy desert, and it’s not just tenants feeling the heat. Persistently tight supply is pushing up rents, embedding services inflation and complicating ...Read more
Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more
