Younger people, dubbed Generation Y buyers, are finding it easier to raise the finance to purchase Australian property and relying less on handouts from their parents, according to a new report.
The 2012 National Savings and Debt Barometer compiled by RaboDirect found that 26 per cent of young people claimed they would need financial aid from their parents to get on to the ladder, compared with 35 per cent in 2011.
This could partly be down to an increase in affordability across the property market, as well as growing confidence among first-time buyers and the Reserve Bank of Australia's recent cuts to the interest rate.
Renee Amor, spokesperson for RaboDirect, said the traditional expectation that homes will rise in value may no longer hold true and encouraged buyers to act now.
The Australian Bureau of Statistics recently revealed a 27.3 per cent rise in building approvals, indicating that the market could be set for a boost in the coming years.
Posted by Craig Francis
