According to realestate.com.au’s Housing Affordability Sentiment Index (HASI), Gen Ys had a score of 4.7, which is above the national average of 4.4 when it comes to positive sentiments about buying property.
Interestingly, the report claimed that 53 per cent of Gen Ys already owned property and 23 per cent owned investment properties.
This, however, seems to vastly contradict Australian Bureau of Statistics (ABS) data that puts home ownership for under 35s closer to 20 per cent.
ABS data released in June also showed that lending to first home buyers – typically Gen Ys – had fallen to historic lows of just 12.3 per cent of all loans settled.
The realestate.com.au report also claimed that Gen Ys are getting onto the property ladder at a younger age, with half buying their first property between the ages of 25 and 29.
It also made the rather dubitable claim that “Generation Y were significantly more likely to have started saving (for their first property) under the age of 15 years”.
The report found that 27 per cent of Gen Ys had received financial assistance to buy their first homes, with a majority receiving it from their parents (19 per cent).
Commenting on realestate.com.au’s findings relating to Gen Ys, Bruce Brammall, a financial adviser, mortgage broker and author, said: “Gen Y are getting older and settling into their careers. This coupled with the saving strategies their baby boomer parents have educated them about, and the financial assistance many are receiving from their parents means that a large proportion of Gen Ys now have the skills, financial confidence and family support to achieve their property goals.”
Other results from realestate.com.au’s 2014 HASI included:
* Sentiments towards housing affordability fell slightly (down 0.1 to 4.4) from 2013’s HASI
* Fifty-seven per cent of respondents said their financial position had improved from the previous year
* Thirty-two per cent of respondents who were already homeowners had plans to buy another home. Half who didn’t own a home were hoping to buy, and 23 per cent of those who didn’t own an investment property were hoping to buy
* A swimming pool was the feature most likely to be sacrificed to secure a property, with 65 per cent agreeing it was a potential home’s least desirable feature
* Some 44 per cent said they were not willing to buy or build further than 10 kilometres from their ideal location