Millennial homebuyers are taking advantage of the weaker housing market brought about by the COVID-19 pandemic to achieve their homeownership goals, according to a new report from ING.
The report revealed that almost half (46%) of millennial homebuyers say COVID-19 has made home ownership “more achievable,” while a third (32%) say they’ll buy a home “within the next one to two years.”
According to the report, millennials are using the lockdown to “get on top of their property goals” by redirecting travel budgets to a home savings account (59%), taking on a side hustle (37%), and moving back in with their parents (36%).
“What this research suggests millennials and Australians in general haven’t given up on the great Australian dream of owning their own home, they’re just re-thinking how they go about getting there and re-evaluating where they might want to live,” said Julie-Anne Bosich, head of home loans at ING.
“It suggests many people, especially millennials are being savvy by taking advantage of record low interest rates, government assistance and a weakened housing market to get on the property ladder.”