Here’s what millennials think can make housing more accessible

By Gerv Tacadena

There is a need for more regulation to prevent house prices from soaring out of reach of would-be buyers, said three in four millennials in the latest poll by Homeloanexperts.com.au.

The survey found 42% of millennials were priced out of the property market they wish to break into and were compelled to buy somewhere else.

Roughly 40% of millennial homebuyers believe regulation should be in the form of support to first-home buyers, like the First Home Loan Deposit Scheme and the HomeBuilder scheme.

Meanwhile, around a third of millennials said there should be more regulatory policies for investors.

CEO of homeloanexperts.com.au Alan Hemmings said younger generations are increasingly considering alternative ways of getting into the housing market.

"Whether this involves them delaying their purchase, turning to family members to act as guarantor or even considering other options like rentvesting, millennials are being forced to consider other methods in their property journey," Mr Hemmings said.

Millennials are also looking to buy property further away from the capital cities.

"What we are seeing, as more workplaces embrace flexible working conditions, is more millennials considering suburbs on the outskirts of cities, the ‘Goldilocks suburbs’ where they can still commute from one day week, but which offers much better affordability than city hubs," Mr Hemmings said.

A separate study commissioned by Your Financial Wellness found similar results about the housing market and that homeownership is a "strong indicator" of financial wellness.

Co-founder and chief executive of Your Financial Wellness Alex Hassall said he hopes the research will help shape policy responses from government about the key issues affecting financial wellness.

“Owning your own home is the single most important factor in increasing financial wellness, but this is becoming more of a challenge for many to achieve this goal," Mr Hassall said.

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