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More than one-third of first-home buyers in Australia’s most expensive state are now aged in their twenties – and it’s overwhelmingly Greater Sydney they’re tapping into.
Sky-high property prices haven’t deterred younger Aussies from buying into bricks and mortar, with new research from InfoTrack revealing that in the past two months alone, 38.4 per cent of first-home buyers in New South Wales were aged between 19 and 29 years of age.
A further 41.5 per cent of first-home buyers were aged between 30 and 39, while 14.32 per cent of first-time buyers were aged between 40 and 49.
The rising proportion of young purchasers is despite Sydney dwelling values jumping more than 20 per cent over the year to August 2021, as reported by CoreLogic.
Looking regionally, figures are up by 24.8 per cent over the same period.
InfoTrack CEO John Ahern said rising property prices may have spooked some first-home buyers, but he considers it encouraging that “a third of those who have bought were Generation Z (1995-2009) or the younger end of Generation Y (1980-1994)”.
“It just goes to show that the Great Australian Dream of homeownership can be achieved in your 20s.”
The CEO added that the data “paints a good picture for these switched-on young buyers”.
“Despite the overall property boom often spelling doom and gloom for first home buyers, it’s encouraging to see the drive still there for our youngest home owners.”
Calling the COVID-19 pandemic and current economic conditions “a perfect property storm”, Mr Ahern considered: “This low-interest rate climate – combined with the fact that young Australians have had limited options to spend their extra cash during 18 months of on-again-off-again lockdowns and travel restrictions – has led many to consider that property is the best place to put those savings.”
So, where are first home buyers choosing to buy a property?
Median house price: $745,000
Median house price: $875,000
Median house price: $870,000
Median house price: $741,000
Median house price: $682,000
Median house price: $933,300
Median house price: $810,000
Median house price: $790,000
Median house price: $774,000
Median house price: $1.42 million
Mr Ahern highlighted that Austral and Marsden Park have been the two most popular suburbs for first-home buyers “for some time”.
“Austral has plenty of potential as it’s going to be in close proximity of Sydney’s second airport, which is being built virtually next door. It also has plenty of land, so building a decent sized house is a realistic option for young buyers hoping to purchase a long-term family home,” he said.
“The average sale price in Marsden Park is around $875,000 and it ticks a lot of boxes for first-home buyers. There is a lot of green space, views of the Blue Mountains, and access to infrastructure such as the railway station,” the CEO continued.
“The neighbourhood of Kingswood has seen a huge jump in demand over the past couple of months. It was sitting in equal 20th position when we last collated the data back in June, but now it sits at fourth place. Considering it has both the Nepean Hospital and a University of Western Sydney campus within its borders, it has a lot to offer.”