According to the Bankwest/MFAA Home Finance Index, more than half of Gen Ys say they are shelving their plans for buying a home because of how much debt they would need to carry to afford a property. According to the latest Bankwest/MFAA Home Finance Index, a “two-speed” property market is emerging, with more young Australians expecting to be life-long renters. Hmmm, not convinced this is breaking news. I remember when, many years ago, I was intending to buy my first home, it seemed an impossible dream, and yes, I rented for some years before finally buying. Have times really got worse, or is it just that for a short period people really thought the world owed them a nice shiny new house when they leave school? Back to reality, Gen Ys.
How does this affect the demand for new housing? A report in 2009 makes the important point that “The formation of new households by young people is significantly influenced by the price of housing and social trends, such as the young adults remaining longer in, and often returning to, the family home”.
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