Gen Y readily consider joint property purchasing options: REA survey
Some 72% of Generation Y property buyers are willing to consider purchasing with a friend or family member to enter the property market, a survey by realestate.com.au has revealed.
The survey showed younger buyers were more open to the idea of "co-buying" than older buyers.
According to the website's housing affordability sentiment index (HASI), fewer than 50% of buyers in the older age brackets were willing to purchase with a friend or relative.
Purchasing through co-ownership can be a more affordable way for some buyers to jump into the property market, realestate.com.au spokesperson Henry Ruiz.
The HASI report also found Gen Yers were the most optimistic about their current and future financial position.
“Housing affordability is achievable,” says one of Australia’s leading property experts, Andrew Winter. “However, buyers will not budge on things like location, outdoor space, and privacy in order to enter the market.”
Around half of all survey respondents say they are not willing to buy further than 10 kilometres away from their ideal location, and the only feature most were willing to sacrifice was the luxury of a swimming pool.
Winter, the host of LifeStyle Channel’s Selling Houses Australia, says, “Many Australians are foregoing luxuries, with buyers cutting spending on luxury vehicles, other luxury items and even a second car in order to achieve their property dream.
“Buyers are showing a propensity to save rather than enter into more debt, with 64% saying that would not be willing to increase their current level of debt to achieve their desired living standard.”
The survey, conducted by research company Research Ink, found suburbs most popular with buyers looking with lower median house acquistions in mind were:
- Theodore (ACT)
- Hilltop (NSW)
- Alice Springs (NT)
- Slacks Creek (QLD)
- Davoren Park (SA)
- Avoca (TAS)
- Gosnells (WA)
- Melton (VIC)
