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Australians born after 1981 are the most optimistic about property prices, one property portal has found.
Research from News Corporation site realestate.com.au found Gen Ys had a rating of 4.7 when it came to positive sentiments about buying property, compared to the national average of 4.4.
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The report claimed that 53 per cent of Gen Ys already owned property and 23 per cent owned investment properties.
This is in contrast to Australian Bureau of Statistics data that puts home ownership for under-35s closer to 20 per cent.
ABS data released in June also showed that lending to first home buyers – typically Gen Ys – had fallen to historic lows of just 12.3 per cent of all loans settled.
The realestate.com.au report claimed that Gen Ys are getting onto the property ladder at a younger age, with half buying their first property between the ages of 25 and 29.
It also said that “Generation Y were significantly more likely to have started saving for their first property under the age of 15 years”.
The report found that 27 per cent of Gen Ys had received financial assistance to buy their first homes, with 19 per cent receiving it from their parents.
Financial commentator Bruce Brammall said Gen Ys were improving their investment position as they aged and settled into their careers.
“This, coupled with the saving strategies their Baby Boomer parents have educated them about, and the financial assistance many are receiving from their parents means that a large proportion of Gen Ys now have the skills, financial confidence and family support to achieve their property goals,” he said.
