Young Aussies to buy property in the next 5 years despite challenges, says Ubank

It’s no secret that Aussies are nervous about the current housing market after nearly a year of consecutive cash rate hikes.

However, new research from Ubank shows that 7 out of 10 young Aussies are looking to enter the property market, and 47% of those looking to buy feel confident they’ll become property owners in the next 5 years.

Notably, Aussies using finance apps are twice as likely to consider entering the market.

“People are doubling down on savings, with young Australians estimating they have an average of $37,921.20 worth of personal savings. Unsurprisingly, those who intend to buy a property in the next 5 years have more personal savings than those who don’t,” says Ubank’s chief product officer of lending, Kanishka Raja. 

“We’re seeing greater care and consideration when it comes to spending, while those with big financial goals like homeownership remain determined. Aussies are resilient and it's encouraging to see people taking control of their finances and showing some confidence in the current climate. ”

However, the opposite could be said about current property owners.

Financial confidence is lower amongst current homeowners

Ubank’s research also has discovered that 55% of current homeowners are losing sleep over their finances. And 65% admit to going through financial stress.

“We’re seeing financial stress reported at some of the highest rates we’ve seen in a decade and our research shows homeowners are twice as likely to experience sleep loss due to thinking about their personal finances,” says Raja.

“For anyone in this position, speak to your bank, shop around for a lower rate, and prioritise gathering the information you need to have confidence in your mortgage.”

If you’re looking for more ways to save, consider refinancing your home loan. Start comparing some of the best rates on the market below.