Buying a home remains a strong aspiration for most Australians, but research shows that first-home buyers are waiting longer to buy their first property. Current ABS data shows the average age of first home buyers is now 37.

Commonwealth Bank figures also show that over 40% of buyers are purchasing homes on their own.

High property prices and supply crunches are key reasons for this trend; however, culturally, Australians are waiting longer than their parents and grandparents to not only buy a home, but to get married and start their families.

First-time mum’s and dad’s ages have increased by five to six years since 1975 (33.8 & 31.9). They are also now having one child, as opposed to 2 in the mid-1970s.

A US survey has also pointed out generational differences in approach when it comes to the actual home purchase- described as ‘generational defaults and dealbreakers’

Gen Z buyers will start out confident about buying, but ’cracks’ in confidence show later in the buying process, until only around 73% say they are ready to purchase.

Gen X buyers are quite responsible and are looking for a smart property deal rather than a fast one- they may feel confused, but are committed.

Millennials are generally comfortable with the buying process, but can be sceptical about it all, and their expectations can shift throughout the process.

Having a good Broker who can help you navigate through the process will assist you, whatever age you are looking to purchase your first home.