Young Australians Staying at Home Longer

By Janet Spencer

Young Australians Staying at Home Longer

Young Australians are staying at home longer.  The average age for leaving home in Australia to start renting a property continues to rise.  According to the 2013 Tenants and Sharers Consumer Insights Survey just  17% of renters in Australia are under the age of 25 years of age.   Males from high income families earning $100,0000 were even less likely to leave home, choosing to stay at home in the comfort of  Mum and Dad’s house.

Young Australians Staying at Home Longer

Currently, the average renter is female aged between 35-49 earning at least $50,000 and renting property for $300 or more per week.

Traditionally the month of January is the busiest time of year for property managers when many prospective tenants have a New Year’s resolution of finding a rental property.  However, respondents to the survey said that the Winter months were the best time to find a rental property.

Are young Australians staying at home longer to save?

Are many of these Generation Y being smart and saving hard to buyer their first home rather than renting?  We would love to hear your opinions.  A popular topic with parents is ” how will my child ever afford to buy a property and follow the great Australian dream?’

The first home buyers grant for established property in Victoria is ending on 1st of July 2013 – just over 2 weeks away.  It will interesting to see how this affects the market.  Or has this grant already been priced in to the market?

For more discussion and advice on whether to action a property purchase now, you can contact us as an independent source of information and assistance at Buyer Solutions.

For up to date information on what’s happening in real estate in Melbourne, contact Janet at  jspencer@buyersolutions.com.au or 0418 101 146.

by Janet Spencer

Buying property, First home buyers, Housing Affordability, Housing Market, State of the market

first home buyer, market, melbourne, property