The pandemic has accelerated the desire for home-ownership in young people, according to Mortgage Choice research.
Nearly 45% of survey respondents are more likely to purchase a home now, with a similar number feeling optimistic about achieving their home-ownership goals. The research suggests the pandemic has caused a shift in priorities, with saving money now rated as the highest priority for young people.
In order to save and buy sooner, 60% are reducing their spending, 58% are adding more to their saving accounts and 43% are applying for government grants for first-home buyers.
Mortgage Choice Chief Executive Officer Susan Mitchell Mortgage Choice says the pandemic provided a wake-up call – and ,for young people, this meant focusing their attention on their financial goals.
“Despite the challenges of getting into the property market, young people are not giving up on the Great Australian Dream. In times of uncertainty, it is human nature to want stability, and this is what investing in property can provide.”