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Sky-high property prices haven’t deterred younger cohorts from jumping on the property ladder, with new research revealing more than one-third of first-home buyers are now under the age of 30.
New research from InfoTrack has found that in the past two months alone, 38.4 per cent of first-home buyers in New South Wales were aged between 19 and 29 years of age.
A further 41.5 per cent of first-home buyers were aged between 30 and 39, while 14.32 per cent of first-time buyers were aged between 40 and 49.
The increasing presence of Gen Z on the property ladder comes despite Sydney dwelling values jumping more than 20 per cent over the year to August 2021, as CoreLogic has reported.
Regionally, figures are up by 24.8 per cent over the same period.
InfoTrack CEO John Ahern said rising property prices may have spooked some first-home buyers, but he considers it encouraging that “a third of those who have bought were Generation Z (1995-2009) or the younger end of Generation Y (1980-1994)”.
“It’s promising that our data shows young buyers are determined to get into the property market, whatever the hurdles,” he commented.
“It just goes to show that the Great Australian Dream of homeownership can be achieved in your 20s.”
Mr Ahern added that the new data “paints a good picture for these switched-on young buyers”.
“Despite the overall property boom often spelling doom and gloom for first home buyers, it’s encouraging to see the drive still there for our youngest home owners.”
According to the CEO, the COVID-19 pandemic, combined with the current economic climate “has actually presented a perfect property storm for first-home buyers that otherwise might not have arisen”.
“This low-interest rate climate – combined with the fact that young Australians have had limited options to spend their extra cash during 18 months of on-again-off-again lockdowns and travel restrictions – has led many to consider that property is the best place to put those savings.”
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