Guest Expert
The dream of owning a home is alive and well in Australia.
However, with rising property prices and the daunting task of saving a deposit, many young Aussies are turning to an unconventional ally – their parents, affectionately dubbed “The Bank of Mum and Dad.”
In fact, a recent LJ Hooker survey found that a whopping 82% of parents are open to lending a helping hand to their kids entering the property market. It’s heartwarming to see how family support is becoming a key player in this great Australian dream.
Parents are getting creative with their assistance, offering solutions that go beyond just opening their wallets. Some are gifting cash for a deposit, acting as co-guarantors on loans, or letting their kids stay rent-free at home while they save up, according to a recent news story.
It’s all about ensuring their children can enjoy the financial security that comes with property ownership – something many parents themselves benefited from back in the day. It’s a beautiful gesture that speaks to the value Australians place on stability through homeownership.
But that’s not all – young Australians are exploring alternative pathways, too. The LJ Hooker survey revealed that 27% of participants would consider buying a property with a friend or sibling.
Among Gen Z respondents, this idea was even more popular, with 44% showing interest in co-ownership. Apartment living is also gaining traction, with 45% of survey participants open to it, including a noteworthy 61% of Gen Z respondents. It seems adapting to affordability challenges has become a matter of thinking outside the box.
The bottom line? While property ownership remains synonymous with financial security in Australia, the path to getting there is evolving.
Whether it’s through family help, shared ownership, or embracing apartment living, Aussies are finding innovative ways to achieve the dream of home ownership.
