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.
About the author
About the author
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more