FHBs Still Keen

Younger generations have not given up on their homeownership dreams, with research showing Millennials and Gen Z still hope to buy. The research by Ubank shows more than half (56%) of them want to buy within the next five years and 89% of the demographic consider home ownership a life goal.

The study did however identify hurdles that potential buyers thought could stand in the way of getting on the property ladder. High prices concern 63% of those surveyed, 42% are worried about saving a deposit and 39% are worried about higher interest rates. In all about three-quarters of respondents are feeling stressed about the home buying process.

Mortgage Choice research shows 43% of Australians are in the market to buy a home, with 19% intending to buy in spring. Loan Market also reports a lift in pre-approval demand, with a 23% increase in finance pre-approvals in the 30 days to the beginning of September.