Young Australian homebuyers are happy to consider novel ways of getting into the property market, new data has revealed.
NAB research released this week shows that 40% of young Australians are now considering buying a property with someone other than a romantic partner.
Apart from dropping their price range, the idea of buying with another person tops the list of compromises that Aussies aged 18 to 29 are prepared to make to get into the market.
Almost a third are willing to buy and rent the property out initially, while 20% say they’re up for moving into a share house.
NAB’s research also found that the most common compromise (41%) buyers of all ages are willing to make is around the amount they’re willing to spend.
About one in three would trade off the size of the land, garden or outdoor space (31%), while about 28% would give up their preferred location;
One in 10 buyers aren’t willing to budge at all on their wish list.
NAB Executive, Home Ownership Andy Kerr said younger people are getting creative when it comes to making their property dreams come true.
“Younger Australians aren’t letting meeting a partner or getting married later in life hold them back from owning a home now – they are looking at their options and casting the net wider when thinking about who they could buy with”, Kerr said.
“Rentvesting – purchasing in one location and then renting in another – is another trend that is creeping up in popularity.
“Interestingly, our data shows that first home buyers aren’t being deterred from entering the property market, despite the market softening overall and rising cost-of-living.
“Buyers are just thinking outside of the box to make it happen.”
Kerr advised that regardless of who you are buying with, it’s important that you talk about how you’ll jointly save for a deposit, agree on the property and meet ongoing costs.
“As buying a home is the biggest purchase most of us will make, it’s also worth considering getting a solicitor involved for additional comfort,” he added.