On the FenceMillennials vs Boomers
According to research from Westpac the average age of a first homebuyer has increased in the last 20 years from 27 to 33, and despite the trope that Millennials want to be urban dwelling hipsters, only 20 per cent planned to buy in the inner city, with most opting for the suburbs or even house and land packages further out.We do know that the bank of mum and dad is significant. In 2017, a third of first home buyers intended to get help from family to fund a purchase, with 13 per cent planning to ask a parent to go guarantor.In this episode, Brendan Coates, household finances director from the Grattan Institute and child of the 80s, joins Peter Switzer, one of Australia’s most experienced finance commentators to explore whether Millennials are doing it all that tough, and what solutions exist to the challenges for first home buyers. From changes to tax and super policy, to the Manhattanisation of our major cities and the accompanying nimby-ism, this episode will grapple with either side of this heated debate.
