The Aussie Dream
Claire Madden was interviewed on The Today Show on Channel 9 to discuss the Aussie Property Dream, and if it is still a reality for Australians. Research analysed in the CommBank Connected Future Report shows that 48% of Aussie’s still think the Aussie property dream is alive and well, and for others it is being redefined.
Gen Y as First Home Buyers
The report reveals that while Gen Y (also known as the Millennials) are delaying traditional life events such as marriage (which is now 29.8 years for females and 31.8 for males), and having fewer children (with the total fertility rate at 1.81 compared to 3.5 in 1961), the average age of a first home buyer has remained relatively constant over the last two decades, hovering around 32 years of age. Clearly there remains a strong drive towards property ownership throughout the generations. However, as Gen Y (born 1980-1994) are reaching the life-marker of taking out a mortgage, what they are buying has changed dramatically from the experience of their Baby Boomer counterparts.
Sources: CommBank Connected Future Report, Australian Bureau of Statistics; 3310.0. Marriages and Divorces, Australia, 2015, Australian Bureau of Statistics; 3301.0. Year Book Australia, 2007.