Times are changing faster than ever before. Some people say progressing, some say regressing. It will always be debatable. One thing is for certain, millennials are in absolutely no rush to buy a house. Or even have a strong desire to buy a house. Some people think the millennials do not have the finances – which is true for some. Although there are plenty of millennials who are making six figures with savings set aside too. Those millennials just have no desire to buy a house. Plain and simple.
Millennials would rather spend their money on travel, food, events, lifestyle etc. The thought of having a mortgage and losing all their savings in one hit is too overwhelming for most. The new version of the ‘dream’ is not buying a house, it’s living minimally, travelling often and making memories with friends and loved ones.
This new dream, the well travelled person with tales of experience is taking Australia by storm. Australians are among the worlds worst in home ownership. Not because they are all financially incapable of owning and paying for a house, purely because priorities have changed dramatically.