Gen Y home loans customers 'to boost housing market'

Aussies that are part of Generation Y are likely to be one of the leading forces in reviving the country's housing market, it has been claimed.

Bernard Salt, a KPMG partner, explained to Australian Broker News that this demographic did not feel the impact of the global financial crisis in the same way as their predecessors, because they did not have home loans, spouses or children.

Consequently, he observed that these younger Aussies are not affected by the reticence to spend money that has become pervasive among those who suffered during the crisis.

He forecast that growing numbers of people in this age group are likely to start trying to compare home loans to get on the property ladder.

"There's sort of a brash optimism. It will be they who move us forward," he asserted.

Earlier this month, the Genworth International Mortgage Trends report revealed that despite many Aussies worrying about their financial status, the vast majority were still successfully paying off home loans.

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