Top tips for Millennial family buyers – John McGrath

Depending on where you live, Winter school holidays are either fast approaching, or have already begun. With our young families now able to relax for the next few weeks, I want to explore their position in our property market.

This especially applies to the Millennials generation – or 30 to 40-year-old mums and dads – with primary school-aged children, or those in early high school.

Let’s start with some basics.

Born between 1981 and 1996, Millennials now make up the largest segment of the workforce in Australia. A well-educated group raising young families, this generation still remembers a time before technology changed everyday life.

And perhaps even more than our younger Gen Xers, Millennials are keen to buy their first home, sooner rather than later – if they haven’t already.

CommBank data released in March showed the average first home buyer is 33 years old, and has a first home deposit of 16% with a loan size of about $480,000.

For most young Millennial families, the ideal home features the same key points, that is, proximity to good schools or childcare centres, as well as amenities like supermarkets, public transport, parks, and medical facilities. They also want a safe, family-friendly layout and location, including outdoor space.