Data from comparison site Compare The Market revealed that under 30s rate owning a home as a greater life factor than career progression, education and travelling.
Finance expert at Compare The Market, Rod Attrill, said the data shows younger Australians are willing to sacrifice travel to help own a home.
“Owning your own home has always been part of the Australian dream,” he said.
Australians under 30 also seem more fixated on building their savings than other generations, according to Mr Attrill.
“Under 30s ranked some areas very differently to other age groups too. The most notable being accumulating wealth. The younger generations were more concerned with accumulating wealth than older age groups,” said Mr Attrill.
Despite this desire, housing affordability is a key concern for many first-time investors.
To that end, the Liberal Party plans to introduce the First Home Loan Deposit Scheme, allowing first home buyers to borrow up to 95 per cent of the sale price of a property. The scheme will also allow first home buyers to save around $10,000 in lenders’ mortgage insurance.
“I think it’s been a pretty tough gig for the under 30s trying to save for a property, especially in the major markets being Sydney and Melbourne. It takes a long time to save for a deposit, so I think the first home buyers scheme was a positive step,” said Mr Attrill.
According to compare the market, it currently takes 9 to 10 years for an average household to save for a house deposit.
“The changes that we’ve seen if you put it in one package, their definitely going to be more people in the market… It is certainly a lot more positive market than it has been in the past,” said Mr Attrill.
“I think next year is going to be the big test. We have seen it come off a little bit but it is still a very hot market, even coming off a little bit it’s still competitive to get into the Sydney and Melbourne market. I think the big sign will be the Melbourne market will overtake Sydney through average prices, but I think there’s still a bit of pain before the bottom in 2021,” said Mr Attrill.
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.