Owning a home remains the great Australian dream for young people.


A report by the Financial Planning Association and social research group McCrindle has found that buying real estate is a major financial goal for more than half of Generation Ys – and is twice as popular as paying for an overseas holiday or becoming financially independent.


Financial Planning Association CEO Dante De Gori says it’s surprising that young Australians continue to aspire to own homes, amid perceived barriers such as high house prices and low wages growth.


“It’s still a dream and ambition, and built into us by our parents and grandparents’ generations,” he says. “It’s still a goal and we are very optimistic that we will get there.”


The Dare to Dream report says buying an investment property is a top financial dream for 20% of Generation Y people. That’s slightly higher than Generation X, whose main focus is setting themselves up for retirement.


“The concern in the report is that 63% of Australians don’t have a plan to do something about their dreams,” De Gori says.