Are you a Millennial looking to buy a home?

The Aussie home ownership dream is still alive and well, here's what you need to know

07 May 2021|3 minute read

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There are a lot of opinions around whether it’s harder for Millennials to save for and buy a home these days, leaving an entire generation alienated by the property market.

But what’s the truth? Is buying a home still part of the Aussie dream for Millennials?

Research from Aussie shows that around 1 in 3 (36%) Millennials accelerated their housing plans through COVID-19, in comparison to only 15% of Gen X and 8% of Boomers. Around 3 in 5 (64%) Millennials were interested in taking advantage of the current property market conditions but were not confident as to how to do so.

So, it’s fair to say that despite the relative challenges every generation faces, Millennials are still keen to buy their own place and now could be a good time.

A combination of record low interest rates, credit availability, incentives from federal and state governments, and improved economic confidence is creating strong market conditions for buyers – especially for Millennials wanting to buy their first home.

If you are ready to buy a home, there is no time like the present to explore your options. Even if you think you’re not ready financially, you might be pleasantly surprised by speaking with a home loan expert.

What should Millennials know about the property market?

According to Aussie’s Buyers’ Opportunity Report, in December 2018, the median time it took to sell a property in Australia was 43 days, dropping to 40 days in 2019, and just 36 days by the end of 2020.

The frequency of homes being sold in Australia has been impacted by the imbalance between available housing supply and buyer demand. We’re now seeing listing numbers relatively low nationally and buyer activity surging higher.

This means that if you’re looking take advantage of the current property market and buy a home this year, it’s a good idea to be prepared and move quickly when you are ready to buy.

Whether you want to give up renting to buy a house with a backyard or move out of your parents home to buy a one-bedroom inner city apartment, Aussie want to help you get it done in 2021.

3 Tips for Millennials looking to buy a new home

1. Get started

Applying for a home loan is serious business. You’re going to need to be fully aware of your finances, which includes your spending and savings habits, not just your income and expenses. The most important thing is to take the first step: determine what your property goal is and start working towards saving your deposit.

2. Speak with a mortgage broker

Brokers can take the hassle and complexity out of the home loan process and help you find a good home loan deal. They are also great to speak to, even if you are just starting out, so you can understand how to reach your property goal. 

3. Be pragmatic

Buying your first home is exciting but it’s important to work out what you can afford and set yourself realistic goals to help you on your property journey.

Check out our Aussie’s home loan repayments calculator to estimate your home loan repayments, and use our interactive Suburb spotter map to find out where you could buy your next dream home.

Consider speaking to an Aussie Broker who can help you with the pre-approval process so that you are ready when you find your home.

 

Connect with an Aussie Broker

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