“Access to family support has become ‘the single biggest factor’ enabling young Australians to enter the property market, according to a report by researchers at the University of Sydney,” reports The Guardian.
“The Australian Housing and Urban Research Institute found 40% of 25- to 34-year-olds expected to call on the ‘bank of mum and dad’ to achieve home ownership, with 74% of adult renters holding less than $5,000 in savings.”
We’re not just talking about receiving an early inheritance.
“One of the most important saving strategies to emerge was living with parents or in properties owned by parents,” according to researcher Dr Laurence Troy.
The research also analysed spending and saving patterns. It found cooking at home was the most common savings strategy, including meals of 2-minute noodles.
It looks like the young Aussies involved in this research said goodbye to smashed avocado a long time ago.
While multiple state and federal government schemes and exemptions are designed to support first home buyers the participants in this study didn’t report them amongst the most important supports on their home ownership path.
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