Australian millenials are ready to buy and are on the hunt for larger, suburban properties for their first home purchase, a report commissioned by ING reveals.
ING’s new Millennial Homeownership Report revealed;
· 57% of Australians aged between 22-37 years old are cutting back on indulgent dinners, travel, and even weddings to save for a home deposit.
· 38% of those surveyed are ready to purchase in the next 3 years.
· 61% are happy to live a little out of the city, in unestablished, ‘less cool’ areas
· 88% of millennials want to own a home to give them a sense of security about the future
Contrary to clichés about millennials, according to the report, this generation are planning ahead financially. And favouring fundamentals like space and family over their inner-city desires.
But perhaps our biggest take out from the report was a large percentage of young people aren’t too sure about the next step.
“ The challenge is not in wanting a home, but how they go about getting it they’re just not sure how much they need to save to get a foot on the property ladder,” says ING’s head of Retail Banking, Melanie Edwards.
Despite proving ready, an astounding percentage of 27-35yr olds surveyed in for the April report admitted they weren’t even sure how much they needed for a deposit.
We believe this is just one of the many hurdles that slow young people to the post when it comes to the housing market. And it’s as simple as just not having access to the right information.
The housing market can feel frightening from the outer, unreachable almost. But the reality is, with guidance, it’s still not an unreachable goal.
So where is the guidance?
A mortgage broker, of course.
We can help guide you through the next few steps, perhaps it’s by beginning with how much you actually need to save.
And before you know it, you’ll be on the road to greener pastures.