The Australian dream of property is still a reality, but the idea of the “dream home” is being redefined as people wish to live closer to cities.
The younger generations are still entering the property market, however it’s looking quite differently than it did for previous generations
The data shows that 68 per cent of buyers bought a home, with 15 per cent buying an apartment or townhouse and 16 per cent buying land on which to buy a home.
The idea of the home they are buying to fulfil that Australian dream has changed.
The Australian dream of property is still a reality, but the idea of the “dream home” is being redefined as people wish to live closer to cities.
It is a redefined dream for the new generations
So, with the Baby Boomers and their picture of the Australian dream it was that quarter acre block, a standalone house with enough room in the backyard to have a makeshift cricket pitch. Whereas it’s being redefined now.
The younger generations are still entering the property market, however it’s looking quite differently than it did for previous generations in terms of what they are buying. It’s smaller block sizes, there’s an increase in medium and high-density housing. So in that respect, what they are getting as they enter the market is looking quite different.
The average age of a first home buyer is 32 years – and that those aged between 25 and 34 made up the highest proportion of first home buyers.
What we can see is that it is still a desire for the younger generations and they are resilient and determined and committed to finding a way to own property.
As Mortgage Brokers we can help facilitate that for the emerging generations and help find solutions to overcome the obstacles and to respond to the new realities… We can help young people get that first foot in the market, which they want to do.