Great Australian dream still alive and well
Smashed avocados have copped a bit of a beating in recent times, blamed as the primary reason many young Australians are struggling to get themselves on the property ladder.
However new research has revealed that whether they regularly purchase the pear shaped fruit or not those under-30 still recognise the value of purchasing their own home.
The findings were detailed in a report by comparison site comparethemarket.com.au which asked nearly 1,300 Australians to rate the importance of a number of life factors such as health, education, families, home ownership and career on a scale from 1 to 5 with 1 being not important and 5 being very important.
These were broken up into 11 categories: health, education, career, the environment, home ownership, wealth, travel, car ownership, their partner, friends and family.
The responses showed that while health and their family, which they ranked at 4.4 each was the most important priority, owning property came a close third with a ranking of 4.0 out of a possible 5.
Wealth accumulation, travel and owning a car were on the list of things respondents aged 30 and under ranked as least important, suggesting that young Australians are prepared to compromise on these things to be able to afford their own home.
Under-30s ranked some areas very differently to other age groups. The most notable being accumulating wealth. The younger generations were more concerned with accumulating wealth than older age groups. Under-30s rated wealth at 3.9, while over-50s rated it at 2.6.
Figures from the Australian Bureau of Statistics shows fewer people aged under 35 owned their own homes in 2015/16 than the previous generation of younger Australians 20 years ago. They also showed first home buyers are on average purchasing their first homes at a slightly older age than they did in 1995/96.
The findings support anecdotal evidence from real estate agents on the ground who argue millennial ladies are among the fastest growing category of homeowners in the nation.
Belle Property’s Nicholas Charles told The Daily Telegraph that he had sold five homes to solo female buyers aged under 35 in just one 14-day stint in May and that he had never seen so much activity from this group during his 25-year career.There was also a discrepancy between the sexes with more single women than men turning up at open homes and auctions this year which meant they were also purchasing properties at a much quicker rate than their male counterparts.
“There’s a glaring disparity between the genders at the moment among younger buyers. Women are much more serious about buying,” Charles told the newspaper.
“They’ve got much more drive and will do it alone. Most of the men we talk with say they’ll wait till they meet someone and then they will buy.”