A new study by Money.co.uk looked at the average age of first home buyers across 25 countries and found that the Australians are, on average, 36 years old when buying their first home. In comparison, Belgium and Iceland are on the top of the list with an average age of 27, Finland 28 and China 29, pushing Australia to the disheartening 20th spot out of 25.
Another survey found that over 50% of young Australians (18-29) still live with their parents. Some of the key reasons Aussies are staying put for longer are tightening lending criteria, high transactional costs and the widening gap between property prices and income.
That is why many more Millennials and Gen Y are approaching home ownership from a very different perspective to their predecessors. Instead of buying a “starter home” smaller and further out, they remain renting or living with parents longer so they can afford to purchase their dream house.
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