"Young Australians are creatively overcoming housing challenges, focusing on investment and family support strategies." - Elisha Mapusua, Finance Manager
Gen Zs and Millennials are defying housing affordability concerns by adopting creative and pragmatic strategies to get on the property ladder, according to Great Southern Bank’s latest No Place Like Home report.
The report showed that over one-third of Millennials (34 per cent) and Gen Z (36 per cent) plan to purchase an investment property within the next three years. This shift highlights their strong desire not only for home ownership but also for wealth creation.
Two-thirds of young Australians (60 per cent) have opted for more modest homes or apartments and around a quarter (27 per cent) have co-purchased with friends or siblings, underlining their determination and adaptability.
“In order to achieve home ownership younger generations are showing remarkable resilience and creativity,” said Rolf Stromsoe, chief operating officer of Great Southern Bank.
“More than any other demographic, they are looking for investment opportunities in property. ‘Generation Rent’ is also adopting some clever, realistic strategies like leaning on family for support or opting for a more modest property, in order to secure their future home.”
“It’s a good idea to talk to a broker or one of our home lending specialists. They understand all the clever strategies Australians are using to buy a home or investment property, including using multiple savings accounts to grow their deposit or taking advantage of Government-backed lending schemes.”
The findings also revealed the increasing importance of family support, with around a third (35 per cent) of young home buyers turning to the Bank of Mum and Dad to help fund their home purchase.
Source: Smart Property Investment