Gen Y property buyers are willing to co-purchase property with friends or family members, while older generations prefer to do it alone, new research shows.
A Housing Affordability Index report, commissioned by Realestate.com.au, found that 72% of prospective Gen Y property buyers were more willing to do whatever it took to get into the property market – even if it meant co-buying.
Less than 50% of Gen X and Baby Boomers who were thinking of purchasing said they would do the same.
The report also identified Gen Y as the most optimistic generation when it comes to perceived housing affordability in Australia.
In addition, Gen Y is the most optimistic about its current financial position, the future outlook of its financial position and has reported the most significant increase in its household savings.
Realestate.com.au chief product officer Henry Ruiz said that despite the perception people may have of living costs increasing, it remains an excellent time to enter the property market.
“Springtime is a great time to buy. Historically we see the number of listings increase over this period, which gives buyers more choice and opportunity to get into the market,” he said.
Ruiz was also adamant that property investing remains a great way to get into the property market.
“Purchasing an investment property can be a more affordable way for some buyers to jump into the property market. Having a tenant pay rent can cover the majority of mortgage repayments making property ownership a lot more affordable,” he said.
Gen Y is largely considered to include people born between 1981 and 1988. Older generations include Baby Boomers (1946-1965), Gen X (1966-1980) and the Silent Generation (1926 to 1945).
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