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Millennials keen to enter post-COVID property market

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Millennials keen to enter post-COVID property market

Australians are passionate about homeownership, with Millennials particularly keen about climbing onto the property ladder.

More than one in four Australians (26%) plan to buy a property in the next two years, according to an ING survey of 2,113 people.

The number is even higher for Millennials, with about one in three (32%) planning to buy a property within the next two years.

There’s a feeling COVID has softened the property market and made homeownership more achievable – 46% of Millennials hold that view.

The key reasons why Australians believe buying a home in the post-COVID market is more achievable are:

  • Low interest rates = 39%
  • A more affordable housing market = 33%
  • New government schemes = 32%

Also, 69% of people say the pandemic has forced them to take more control over their finances.

The average price people want to spend on a home is $644,000 in NSW, $575,000 in Victoria, $504,000 in Queensland, $477,000 in Western Australia and $467,000 in South Australia.

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