Generation Y Still Value Home Ownership

AUSTRALIA’S generation Ys are keen to enter the property market and don’t just want to spend their cash, a new survey has found.

The survey quizzed 1017 people and found among those intending to buy a property in the next two years, 78 per cent were aged 20 to 30, or in generation Y.

Thirty per cent of 20 to 30-year-olds considered property to be a good investment while more than half said they would put a $10,000 windfall towards buying their own home.

Only eight per cent said they would spend it on shopping or holidays.

“Gen Y often receives a bad rap for staying at home and avoiding long-term financial commitments, such as property,” Janusz Hooker said.

“Our research shows that this perception is misguided.

“Gadgets, holidays and mum’s great cooking are no hindrance to getting Gen Y out of home or the rental market and into home ownership.”

The survey also found that first home buyers considered saving a deposit the biggest barrier to them breaking into the property market.

“In the greater Sydney region, where the median property price is around $550,000, it’s not surprising that affordability is one of the biggest hurdles,” Mr Hooker said.

“But many would-be buyers don’t have a clear idea of their financial position or strategy.”

He said would-be home buyers were urged to seek advice from a loans broker, rather than just rely on their own internet research.

Source: news.com.au