realestatebusiness logo
Subscribe to our newsletter SIGN UP

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Millennials still dream of home ownership

10 October 2019 Lyall Russell
Millennials still dream of home ownership

As the gap between incomes and house prices climbs, it is not turning Australian millennials off the dream of home ownership, a new study has revealed.

The Gateway Bank and Genworth study surveyed more than 2,000 millennials across Australia and found 94 per cent considered home ownership as necessary.

Of those surveyed, more than half were not on the property ladder, while 40 per cent did own property with a mortgage.

Nearly 60 per cent viewed owning a home as a sense of “stability and security”, while 46 per cent viewed paying rent as a waste of money.


However, more than half of millennials are unable to afford the deposit to home ownership right away.

“Though it’s more challenging than ever before to get a foot on the property ladder, there are options available that can help millennials achieve their goals sooner,” Gateway Bank CEO Lexi Airey said.

“Maximising their savings potential by setting up a dedicated savings account with restricted access — think about repurposing a Christmas Club account, for example — or shopping around for the best interest rates could make a big difference. Those in the position to get a helping hand from their relatives might want to consider a Family Pledge home loan, which can accelerate their journey to owning a home.

“Additionally, first home buyers should look into the governments First Home Owner Grant initiative and check to see if theyre available from stamp duty concessions.”

Millennials still dream of home ownership
youngcouple850x400 apr17
lawyersweekly logo
Recommended by Spike Native Network

Why we’ll keep delivering for our communities in the face of COVID-19


As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of REB.

Read more
Do you have an industry update?
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.