Young people have sights set on home ownership, thanks to COVID-19

Young people have sights set on home ownership, thanks to COVID-19

Around half of the Australian population of young people are more likely to want to purchase a home now than before COVID-19, new research has revealed.

The data suggests that almost 45% of respondents are more optimistic about their homeownership goals for the future, and three in five have reduced their spending in an effort to save for their first home.

This is a clear reflection of the desire for stability in troubling times, and the changing habits of a generation forced to rethink what is normal in finance.

The numbers cannot be overstated – 85% of survey respondents have changed their spending habits in the pandemic, and almost three quarters plan to keep those changed habits in place.

With home loan rates set at their most competitive on record and an unprecedented level of Government support in the form of grants and schemes for first home buyers, the incentive to save and aspire towards owning a home is understandable.

The perception towards homeownership, however, remains largely unchanged, with many still seeing barriers to entering the market.

A separate survey revealed that over half of all Australians selected COVID-19 as the primary force behind their changed 2021 financial goals, and only 29% feel they are in a position to be very likely to achieve those goals this year.

Trepidation is still prominent, but it’s encouraging to see a mentality shift in the marketplace.