Property market update: Perth, December 2021
2021 marked one of the biggest years for Perth in recent history, as buyers turned west in search of affordability and t...
A new survey revealed that Aussie parents and children don’t see eye-to-eye on their expectations on when to leave the nest.
Bankwest’s latest Home Truths survey on 1,800 Australians showed that parents and children are divided on when the latter is expected to move out of the family home, with the results linked to housing affordability.
The results indicated that parents with children still living at home expect them to move out by an average of 23 years old, while children who still live with their parents have no intentions to leave until they are 27 years old.
The highest gap in expectations came from those in Western Australia metro areas, which narrowed to two years for those who are living outside Australia’s five major capital cities to 22 years old for parents and 24 years old for children.
Speaking on the survey results, Bankwest general manager home buying Peter Bouhlas said that the older generations might be unacquainted with the property market their children are trying to get into.
“The reasons behind the significant difference in expectations is likely one of genuine affordability consideration for younger Australians aspiring to own their own home,” he commented.
Interestingly, mums and dads also had different expectations of when their young would fly the coop. Dads want children gone by 22 years old, while mums provide an extra year of grace for them until 23 years old.
According to Bankwest, the survey was conducted to understand the needs and preferences of those who own – or aspire to own – their own home.
Looking back, previous Bankwest research found that the most common living situation for Gen Z (22 years old and younger) is “living rent-free” with their parents as they saved for a deposit.
“The housing market is currently incredibly competitive, and data from the Bankwest Curtin Economics Centre has shown how equally challenging it is for people in the rental market, leaving many young Australians homebound,” Mr Bouhlas said.
“That inevitably means a longer spell in the family home as aspiring homeowners save for greater deposits, face lengthy construction delays, or encounter increased competition in entering the market.”
He also cited Bankwest’s First Homebuyer data to support this observation, which showed that when comparing suburbs of application to suburbs of purchase, first-time buyers are likely exiting the nest when entering the real estate market.
A survey is a document that determines the position of boundaries or property lines which shows the land, structures and features that are legally owned.