Millennials are more likely to build their first home than other generations according to a new national survey.
The survey of home building and buying trends conducted by Lonergan on behalf of property website Houseandland, found that 30% of first home buying millennials (18-35 year-olds) are likely to build compared with 20% of Generation X and 24% of Baby Boomers.
Houseandland General Manager Chelsey Quartermain said this was a turn-around from the same survey conducted in 2017 which shows millennials were the least likely generation to want to build.
“It seems even though there is a property downturn at the moment, millennials are now seeing the opportunity to get their foot in the door with home ownership,” said Ms Quartermain.
“The survey also shows that it’s young women who are leading the way when it comes to deciding to build rather than buy a house,” she said.
“Twenty nine per cent of female first home buyers are planning to build their own home, compared with 25% of male first home buyers.”
“What we’re seeing is that young women are more empowered to lead the charge into home ownership.”
‘With a quarter of all female home buyers and first home buyers saying the final decision on the home purchase was theirs.”
“While a third of millennial female buyers have the final say because they are faster at making decisions.”
The survey also found that:
- Most first home builders want the home building process to be managed by someone else – either through purchasing a house and land package (42%) or a developer (40%).
- Millennials in particular want someone else to manage the process: 94% of millennial first home buyers don’t want to manage the process themselves.
- Personalisation and creativity are the driving factors for millennials wanting to build their first home rather than buy it.
- Budget concerns: Those who build expect to pay less for their homes than those who buy.
- Women believe in their home buying abilities: For female first home builders who say the decision to buy was theirs, the reasons provided are they have better knowledge of the home buying process, they are better at decision making and they have more interest in the detail.
“The research wasn’t surprising given women are the predominant users of our Houseandland technology which connects people with their dream block and builder.”
“It offers an innovative solution to time-poor people who no longer want to lose their weekends traipsing around suburbs looking for their perfect location.”
“This is really the modern way of house hunting.”
Houseandland works by consumers searching for blocks of available land, comparing house designs that fit the block and then matching that with a builder.
“Everyone is after more flexibility and millennials in particular are used to turning to technology to make that happen.”
For more information download the Houseandland app - Swipe Right to Create your dream home or visit www.houseandland.com.au
Houseandland is an innovative national company, which utilises a revolutionary algorithm by creating the perfect house and land match for consumers. The house designs are by Australia’s leading builders and developers, along with the best estates and land across the country. It enables consumers to match specific home designs with land and estates that suit the design and size, while also allowing builder and developer websites to integrate the technology for their own customers. www.houseandland.com.au
About Chelsey Quartermain
With an extensive international career in digital technologies and marketing Chelsey Quartermain strives to do things differently. From an early career in real estate where she achieved numerous marketing and innovation awards to the head of Digital Trading for the National Gallery London Chelsey has always led the way in business development. As Houseandland’s General Manager she combines her passion for property with her tech background to help fuel the real estate industry in an authentic and transparent way.
The Lonergan study was conducted among 1,136 Australians aged 18+ in September 2018. Surveys were distributed throughout Australia including both capital city and non-capital city areas. This study aimed to explore people’s attitudes towards home ownership, technology usage, and processes of decision making.