COVID-19 sees young Australians more keen on committing to home ownership

Around 45 per cent of survey respondents are more likely to want to purchase a home now, with a similar number feeling optimistic about achieving their homeownership goals
COVID-19 sees young Australians more keen on committing to home ownership
Joel RobinsonJanuary 10, 2021

The impact of COVID-19 has seen young Australians more committed to home ownership, according to research by the listed mortgage broking firm Mortgage Choice.

Around 45 per cent of survey respondents are more likely to want to purchase a home now, with a similar number feeling optimistic about achieving their homeownership goals.

Over 60 per cent of young people are reducing their spending, with 58.5 per cent adding more to their saving accounts and 43 per cent are applying for government grants for first home buyers.

Mortgage Choice chief executive Susan Mitchell says young people are not giving up on the great Australian dream despite the challenges of getting in to the property market.

"In times of uncertainty, it is human nature to want stability, and this is what investing in property can provide," Mitchell says.

“The fact that first home buyers can now access the most competitive home loan rates on record and unprecedented levels of government support such as grants and schemes provides compelling incentives to act on property ownership dreams.”

“I would encourage homebuyers who are navigating their way into first-time property purchase to enlist the help of an experienced mortgage broker to help them put their best foot forward.

First home buyers have been the most active segment over the COVID-19 pandemic. Finder's research showed that 11,018 first home buyers bought a property in July, 20 per cent more than May.

Over August data from the ABS showed mortgage approvals for first home buyers jumped by 17.7 per cent over August.

Joel Robinson

Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.

He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey

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