Young Australians 'optimistic about property market'

Many younger Australians plan on getting a foot onto the property ladder, it has been found.

A new survey from Mortgage Choice has shown that 61 per cent of those in "Generation Y" said their confidence in the market was moderate and 30 per cent said it was high.

This may explain why a significant proportion of low interest home loans may be sought out by this age group, since the survey found over one-third of younger Aussies plan on purchasing an investment property by June 2011.

Some 66 per cent said they would like to take advantage of the current low interest rates, while 93 per cent were motivated by wanting some security for the future.

Kristy Sheppard, senior corporate affairs manager at the organisation, said this is a good sign and counters commentator predictions that the housing market may slump after the first home owner grant comes to an end in December.

"Property ownership, whether for making money or making a home, is a goal that the majority of Generation Ys are aiming for," she said.

People acquiring their first home loan mat be interested in cheap property prices in some of Australia’s suburbs, according to St George’s Bank.

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