Weaker housing market driving millennial activity

Millennials are using the lockdown to “get on top of their property goals”

Weaker housing market driving millennial activity

News

By Duffie Osental

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.”

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