Millennials have often been targeted as an “avo-on-toast” eating generation who long ago gave up on purchasing their own homes due to property markets locking them out with exorbitant prices particularly in major cities such as Melbourne and Sydney.
However, that trend might be changing with ING’s new Millennial Homeownership Report finding that the majority of young Australian’s aged between 22-37 are serious about home ownership with 76 percent making significant sacrifices to afford their home.
According to domain.com.au’s – Tawar Razhagi, more than half of Millennials were willing to forgo some parts of their lifestyle to save up for a deposit by cutting back on little luxuries, like going out for dinner or that smashed avo at brunch.
A third were curbing big luxuries like holidays and one in 10 was delaying significant life events like a wedding, honeymoon or having children, just to get on the property ladder.
Less than a quarter weren’t making any sort of sacrifice for a deposit.
Most Millennials were also prepared to make concessions about where they lived, with more than 60 per cent willing to live in less established areas, and almost the same number willing to increase their commuting time by up to an hour to purchase their first property.
It’s an excellent time for first home buyers to get into the market with plenty of land available and a cooling investor market. Rising house prices have slowed considerably but it won’t last for long with investor and market confidence to renew once infrastructure in key areas are complete.
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