Study finds Millennial Buyers Seek Forever Homes

Many millennials are just beginning to enter the housing market as they reach for their maturity with more stable careers and new goals in sight. But other than a stable home, what are they looking for? We look into ING Millennial Homeownership Report, a survey of 1,000 Australian house hunters aged 22 to 37 to find out.

Proximity to family & friends

According to the ING Report, proximity to friends and family is a leading deciding factor when it comes to location.

And this makes sense as it ensures they can maintain their connections and have a network of people to help with their children. Just as they say, it takes a village.

The Suburban dream is key

The Australian dream is still truly alive as 40% of respondents said they want at least three bedrooms – meaning that planning around family and kids remains a key priority for young house hunters.

This might not be in the same form as the traditional whit-picket fence which might first spring to mind.  As they upgrade from the one to two-bedroom apartments of their twenties to houses, townhouses and larger apartments.

That said, the ING report found that 61% said they are willing to move into an ‘unestablished’ suburb, if they are unable to purchase a home in the city.

An unestablished area could describe a suburb that’s relatively unheard of but affordable, or an emerging region.

Closeness to cities

The ING data indicates that inner-city suburbs remain the most attractive to millennial buyers – despite assume This is in contrast to assumptions that house prices are likely to lock millennials out of Australian’s major cities.

But lifestyle isn’t the most important factor

While living within a city is a popular choice amongst respondents, being near cafes and night life is not something high on the millennial homebuyers’ checklists. Most important to the ING study’s respondents was the proximity to schools and shops – followed closely by proximity to work, family and friends and green spaces.

It seems that as millennials look to invest in property, they are looking for their ‘forever home’ as longevity through prioritising family showing to be an important overarching theme to the ING study's results.