Gen-Y: starting out with elevated expectations
BALLINA residents Cammy and Todd Peters aren't prepared to compromise when it comes to buying their first home.
Despite the credit crunch, and already enduring a 12-month search for a house, Mrs Peters said the couple knew what they wanted and weren't going to buy something that didn't meet their criteria.
Mrs Peters' approach to first home ownership reflects some classic characteristics of Generation Y, according to a study carried out by Southern Cross University School of Commerce and Management honours student Melanie Thomas.
The new study found members of Generation Y were prepared to delay buying their first home for five years or more to ensure they could afford something that met their expectations.
This is a big shift from the mentality of past generations of first home buyers, according to Mrs Peters' mother, Gail Hollingworth.
Eighteen years ago, Mrs Hollingworth and her husband, Doug, bought their first home and said they were simply looking for 'something we could afford'.
“It seems the current generation is much more particular and start searching for their home with a particular standard,” she said.
Miss Thomas said there had been very little research into young people and housing, despite the group representing a large part of the market.
“The more that is known about the attitudes and behaviour of Generation Y, the better prepared investment companies, developers, banks and others can be to look after their needs when the time comes,” she said.
The research also found rising house prices and the increasingly high cost of living had hit the demographic hard, with the average age of first-time home buyers rising and that, even with the lowest standards, Generation Y had very few houses available for what they could borrow.
Generation Y: A new study carried out by SCU has found Generation Y members are prepared to delay buying their first home for five years or more to ensure they can afford something that meets their expectations.
Baby boomers: Were more prepared to compromise and buy what was affordable.