Bhg
  • Shop
  • News
  • Food
  • DIY
  • Garden
  • Renovating
  • Decorating
  • Health
  • TV
  • Hard to Find
Bhg
  • Shop
  • News
  • Food
  • DIY
  • Garden
  • Renovating
  • Decorating
  • Health
  • TV
  • Hard to Find
Subscribe
  1. Home
  2. Finance

Millennial solutions to housing affordability

The suggestions may surprise you. - by Laura Barry
  • 02 Jul 2018
Millennial solutions to housing affordability

The Australian dream of owning a home is one that many young people feel is unattainable due to housing affordability. Although often depicted as being focused on lifestyle and living for ‘experiences’ rather than buckling down and saving up, new research recently released by ING found that more than a third of millennials are savings towards buying a home. However, the property landscape has changed drastically in Australia. According to data collected by Census in 2016, around 31 per cent of the population owns their home, 30.9 per cent are currently renting and 34.5 per cent own a home with a mortgage. Although, past and current data shows the proportion of people renting is steadily rising, while those who own their home are steadily declining.

So what is the solution to Australia’s property bubble? Leading Australian lifestyle property group BresicWhitney vox-popped a group of millennials on what they would like to see done to improve the housing situation in Australia. From limiting tax breaks to a community for young people, the suggestions might surprise you.

aerial view of australian housing

“I’d like to see tax breaks limited to just one property. But what might be more realistic is greater community/cooperative housing ideas. Stucco is one example in Sydney that costs students just $100 a week. And more cooperative developments that are cheaper when buying off the plan, Nightingale in Melbourne is one model of that.”
Tristan, 24.

“We need millennial community blocks (the opposite of an over-55 village). Apartments could be tiny (*cough* affordable!) but there’s a bigger focus on community, communal eating/cooking/living areas. Like a hostel, except you have to apply to live there and are bound by a community code of conduct.”
Kat, 29.

“We’re all screwed until the government fully invests in infrastructure, and the digital workplace allows you to work completely remotely. We need high-speed rail networks from the north, south and west that actually allow Millennials to start living further from the city while staying connected.”
Blake, 25.

“We need more rent-to-buy and deferred payments that aren’t just quick-sell schemes for developers. Or, new fin-tech solutions that allow us to buy up equity in Baby Boomers’ properties. Cash flow would free them up, and we could spread our investment to owning say 5% of 3 different houses in Sydney, Melbourne and Brisbane.”
Will, 25.

There you have it folks, a small yet insightful peek into the ideas bubbling away in the minds of millennials today.

You might also like:

Why waiting for cheaper house prices is a bad idea

Property experts say Sydney house prices will drop this year

  • News
  • Finance
  • Better Life
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

Treat yourself to a subscription-Save up to 25%

Plus, your chance to win

Subscribe Now
Treat yourself to a subscription

Treat yourself to a subscription-Save up to 25%

Plus, your chance to win

Subscribe Now
Treat yourself to a subscription

Recommended to you

YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

Live off the grid with these shipping container home designs

Live off the grid with these shipping container home designs

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

 Everything you need to know about floating floorboards

Everything you need to know about floating floorboards

How real estate ads are trying to trick you

How real estate ads are trying to trick you

{headline}

{headline}

5 house-selling secrets only a property stylist knows

5 house-selling secrets only a property stylist knows

5 things no one tells you about buying an investment property

5 things no one tells you about buying an investment property

 How to find and buy your dream home

How to find and buy your dream home

{headline}

{headline}

This is how much you need to earn to buy a house in Australia right now

This is how much you need to earn to buy a house in Australia right now

5 of the most common legal issues for renters

5 of the most common legal issues for renters

The pros and cons of building a new home

The pros and cons of building a new home

How to keep your Airbnb property booked all year round

How to keep your Airbnb property booked all year round

Is a multigenerational home the way of the future?

Is a multigenerational home the way of the future?

Should you pay your real estate agent a flat fee or a commission?

Should you pay your real estate agent a flat fee or a commission?

What you need to know before buying a heritage listed house

What you need to know before buying a heritage listed house

Bhg
  • About Us
  • Subscribe Today
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
Bhg Magazine Subscribe
  • About Us
  • Subscribe Today
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

Brands

  • All Recipes
  • BHG Shop
  • Girlfriend
  • Home Beautiful
  • New Idea
  • New Idea Food
  • Practical Parenting

Our Network

  • marie claire
  • Beauty Crew
  • Who
  • Women's Weekly Food
  • Bounty Parents
  • That’s Life
  • Perth Now
  • The West Australian
  • 7Plus
  • 7mate
  • 7NEWS
  • 7Sport
  • Sunrise
  • Starts at 60
  • Hard to Find
© 2022 Are Media PTY LTD
All products are independently selected, tested or recommended by our team of experts.If you buy something, we may earn an affiliate commission.
Get more from Better Homes and Gardens

Magazine Subscription Offer

Treat yourself to a subscription-Save up to 25%

Shop This Offer
Treat yourself to a subscription