The dream of owning a standalone home has started to wane in Australia, but property ownership is still on the cards.

Many Australians have already adjusted their expectations and instead bought a unit, according to real estate expert John McGrath.

And he says they aren’t necessarily living in them, with many choosing to become “rentvestors” as a way to get their foot on the ladder.

McGrath says Australian Bureau of Statistics research shows lifestyle factors are at play.

It says the age of first ownership is rising, with more people going to university after school delaying the time when they start earning a full-time income, getting married and having children.

“Inevitably, studying delays income production, which delays home ownership. These days, many young people remain in the family home with their parents while studying,” McGrath says.

Affordability also remains a major issue and that’s why many are opting to buy apartments now instead of houses, according to McGrath.