In a poll commissioned by Buy Melbourne Apartments, we found that 37.2% of a random selection of 1000 Young Australians polled believe that they will not be able to acquire and afford a home loan by age 35.
The polled Australians were 18 to 25 at the time of polling, and were provided the option to comment.
With record house prices in Sydney and Melbourne reached in 2017, it’s no shock that Young Australians are fearful of their prospects in the property market — even with a slight slump in recent months.
Experts say that Young Australians are more reliant on the “bank of mum and dad” than ever, with a spokesman from the Grattan Institute telling News.com.au last year that he believes that without parents assistance, young people will continue to struggle to get into the housing market.
With Home Loan and Bank requirements more stringent than ever, and ever stricter regulations, the days of a “no deposit” home-loans and large from the early 2000’s are over. Which is having a huge impact on the prospects of Young People, who are just not getting the same flexibility that was afforded to their parents.
The Young people surveyed also expressed that they would be lowering expectations in their house quality and size, and looking further afield from population centres to make their home ownership dream a reality.
About Buy Melbourne Apartments.
Buy Melbourne Apartments provides assistance to Victorians and those wishing to move to Melbourne on owning property through the Digital Platform, BuyMelbourneApartments.com.au.