This article explores the strategies Australian millennials are using to enter the property market despite rising costs and challenges. It features personal accounts from individuals who achieved homeownership through various means.
Despite rising barriers, more than half of Australia n millennials have entered the property market . From ‘bank of mum and dad’ loans to 16-hour work days, five people share the unvarnished details of how they did it. There’s nothing more Australia n than being a homeowner. Or rather, wanting to be a homeowner. Buying property is literally codified into the Australia n identity. The message is clear: work hard, save, sacrifice and it can all be yours.
But while the sentiment has remained fixed for generations, the circumstances surrounding it have not.: “The likelihood of owning a home when aged 25-39 years decreased for each successive generation.” Which means for many younger people, the Australian dream looks more like a fantasy. Still, despite the odds, by 2021 more than half of Australian millennials had managed to buy a home. But how? Is everyone harbouring secret family wealth? Did they do it by riding their bike to work and making coffee at home? Or were they able to navigate some other alternate pathway to residential bliss? To find out, six young(ish) Australians explain how they managed to live a 1980s dream in 2024.‘Buying with family relieved a lot of financial pressure, but it’s not a perfect solution. A lot of sacrifices have come with it’.’My family rented for 20 years; then in 2022, we had the opportunity to buy something together. In terms of deposit and stamp duty, I contributed $100k. My parents and I split the mortgage three ways and all live in the house together. I know I’m an anomaly. I earned my contribution from working since I was 14 years ol
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