The first home buyer market is set to go into overdrive in the coming years, with 90 per cent of Gen Ys confident they will own their own home.
New results from a survey by REST Industry Super found Gen Ys have high hopes for the future, with 75 per cent expecting to be living a comfortable lifestyle, and 15 per cent expecting to be rich.
More than two thirds expected their first property to be a house.
REST Industry Super chief executive Damian Hill said “Gen Y should be applauded for their desire to build a bright future for themselves, and for demonstrating a healthy savings mentality.”
The latest First Time Buyer Deposit report from Bankwest found that it would take a couple 4.1 years on average to save for their 20 per cent deposit. In the Northern Territory it would take the longest, at 4.8 years, while Tasmania would be quickest at 3.4 years.
By capital cities, Sydney was found to take the longest, at 6.0 years on average, compared to Hobart and Adelaide at 4.1 years.
Mortgage Choice found, in 2011, that Generation Y was more likely to cut out take away food, general day to day spending and miss a holiday than to consider a less expensive property.
Twenty-six per cent of respondents were intending to buy alone.