Millennials making property a priority - Direct Agents

Millennials making property a priority

Overall, Millennials are known for being a more relaxed generation compared to others.  Delaying or foregoing marriage and have been somewhat slower in forming their own households. They are also more likely to be living at home with their parents, and for longer stretches. However, recent findings by Bankwest and ING shows that there is a lot of misconceptions. Especially centred around savings and managing their money.

Describing millennials as those born between 1981 and 1996, the report says that more than a fifth of millennials (21.18 per cent) set their goals to save for a home and more than one in five plan to buy a smaller property in a cheaper area and rent it out until they can afford the forever home. This could largely be contributed by concerns such as the Sunshine Coast Rental Property Shortage which is seeing rental homes being snapped up within hours of being advertised. Even with a spotless rental record, young families are struggling to find suitable accommodation on the Sunshine Coast

Overall, what Bankwest found was over the six months from March – August 2020 was the 49.58 per cent increase in customers saving for a home or other big purchase and 32 per cent said they would buy within the next one to two years.

Despite the impact and concerns COVID-19 has created for many homeownership seems more achievable. This comes as people are concentrating more than ever on their savings goals and together with multiple government grant initiatives, becoming a first home owner is more achievable than ever before.

On October 21, CBA and NAB opened their waitlist for the additional 10,000 places under the New Home Guarantee under the First Home Loan Deposit Scheme (FHLDS). With more millennials prioritising their savings towards homeownership and with FHLDS initiative going forward, it is a great opportunity to start looking at what the property market currently offers first home buyers.

Are you ready to buy or perhaps help a friend or family member buy their first home? Get in touch with Hayley from First Home Buyers Academy to find out the options available

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