NAB research today reveals that 40% of young Australians are considering buying a property with someone other than a romantic partner.
Outside of dropping their price range, buying with another person tops the list of compromises 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 finds:
- The most common compromise (41%) buyers of all ages are willing to make is 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 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. People are definitely looking at their options and casting the net wider when thinking about who they could buy with,” Mr 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.”
Mr Kerr said regardless of who you were 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 said.
“From our perspective, we can give confidence around getting a fast home loan approval.
“Around 50% of eligible NAB customers can now get a decision within 24 hours thanks to our simple home loans process. Around 30% of those are getting unconditional approval within an hour and some within 15 minutes – that’s faster than getting your internet set up in the new home.”
Note to editors:
- Data sourced from NAB Economics survey undertaken in November – December 2022 with Australians looking to buy a property.
- Data table showing compromises to get into property market by age