First-time homebuyers Josh Downie and Gemma Collyer. Picture: Supplied
Deposits are bigger and interest rates are higher than five years ago, but the ambition remains.
Young Tasmanians haven’t given up on home ownership.
For Gen Z and Millennials, property still represents independence, stability and long-term wealth, and a defining milestone of financial success — not just a place to live.
Getting that first foot on the property ladder is a challenge, but new research by Loan Market showed 62 per cent of 18-to-34-year-old Tasmanian survey respondents view ownership as important for wealth creation.
For first-time homebuyers Josh Downie and Gemma Collyer, purchasing a house was about more than just a place to call home.
The fitter machinist and container controller were looking to the future, too.
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First-time homebuyers Josh Downie and Gemma Collyer. Picture: Supplied
Mr Downie, 23, said that with expert guidance from mortgage broker Andrew Lee, they secured a property in Burnie that fit their needs.
But it came with some challenges, he said.
“We wanted to find a home that we could improve, something that we could turn into a rental in the future,” he said.
“A property that we could renovate ourselves, and gain some equity.
“The goal is that this property will be the first in our portfolio; building for our future.”
The couple were househunting in the $380,000-$450,000 price range — which is below Burnie’s median — and there was plenty of competition.
“It was common to see at least 20 families at open homes, often first-home buyers or people looking to renovate,” Mr Downie said.
“At the time we were looking to buy, the turnout for some of the inspections was massive,” he said.
62 per cent of young Tasmanians view home ownership as important for wealth creation.
Now that they have the keys, the couple have written a renovation work priority list.
Mr Downie said he would like to put a shed up to replace their carport.
“There is painting to do, the bathroom needs a bit of work, new carpet would be nice — nothing major like a full kitchen, more little things that will improve the value of the house,” he said.
Loan Market spokesman Caleb Bax said home ownership was more important than ever for many, particularly the young.
“A lot of them are looking for that stability and not wanting to rent anymore,” he said.
Loan Market mortgage broker Caleb Bax.
“They’re not wanting to pay someone else’s mortgage off, and they are looking at getting into it as a wealth-creation thing, especially more in the last couple of years.”
Mr Bax said it was “definitely hard” to get into the market, especially for singles.
“I’ve been saying to a lot of people for a while now that buying a house is a team sport, so you really need dual income to be able to afford the mortgage, as well as all these living expense increases that we’ve seen,” he said.
– with Tom Bowden
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