You’re not alone. Rising house prices are making it harder and harder for millennials to enter the property market….Enter coHome, a new easy-to-use online portal making it easier to bring friends or family together to purchase a house. Users can set up a group and manage all aspects of the mortgage application and the construction of a contract. This could seriously be the way more millennials start entering the property market and potentially help bring first home buyer rates back to the levels they were in in the past.
Owning your own home has long been the Australian dream, however, with the median house price in major Australian cities like Sydney and Melbourne now surging past $1 million, this dream is slipping further away for many. A recent study of 1000 millennials by REST Industry Super found 80% of 18-34-year-olds believe they were not on track to being able to buy a home.
The survey found more than half of 18 to 34-year-olds blamed rapidly rising house prices and the increased cost of living for pricing them out of home ownership.
According to the Australian Bureau of Statistics, the number of first home buyers in the market has fallen by roughly a third over the past decade, suggesting that unless something changes or new alternatives are brought to the table, this trend will continue.
Also according to the Financial brand, the millennial generation is the largest in history and continues to grow in Australia as young migrants expand its ranks at faster rate than other generations. Because this generation grew up with digital technology, millennials are willing to make buying decisions differently compared to previous generations. Similarly, they are more willing to trust and share assets with others, proven by their rapid adoption of new services like Uber and Airbnb, hence the idea for coHome is likely to sit well with this demographic.