Millennial Australians are prioritising owning their own home than buying an investment property, according to the latest study ING.
The study revealed that three-quarters of millennial Australians have a goal to own a home. This is compared to only one in 10 whose main goal is to buy an investment property.
"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 rethinking how they go about getting there and re-evaluating where they might want to live," said Julie-Anne Bosich, head of home loans for ING.
The study revealed that almost half of millennial homebuyers agreed that the COVID-19 outbreak has made homeownership more achievable, with a third planning to break into the market in the next two years.
To help them achieve their property goals amid the recent lockdown measures, 59% of millennials said they have diverted their travel budgets to their savings accounts while 37% took on a side hustle. There are 36% who said they moved in back with their parents.
Around 50% of millennials said they would consider living on city fringes and outer suburbs to save and buy a house sooner.
Millennials are also making significant lifestyle choices to save for their future home. In fact, the study found millennials said they will limit their personal shopping, reduce their dine-out experiences and recreational drinking, and give up their gym membership.
"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," Bosich said.
