66% of non home owner millenials plan to buy property within 5 years: Gateway Bank

The ongoing decline in home ownership of millenials continues, according to findings from the Millennial Homeownership Survey.

The survey of 2,127 millennials across Australia, released by Gateway Bank and Genworth Insurance, showed that 94 per cent consider home ownership to be important.

More than half of these millennials, 52 per cent, do not own property and another 40 per cent own a property with a mortgage.

Despite these low figures 66 per cent of those who do not own property wan to buy within the next five years and 58 per cent are currently saving up for a deposit.

Of the six per cent who do not think home ownership is important, 44 per cent think it's too much of a financial burden and 42 per cent do not think it's achievable in their lifetime.

Despite 94% desiring a home over half, 58 per cent, are unable to afford the deposit right away.

Lexi Airey, CEO at Gateway Bank, believes that while market conditions have made it more difficult to enter the property market, "it’s still achievable."

Genworth CEO and Managing Director, Georgette Nicholas, said that there was a need to ensure that millennials are aware of the options available to them as prospective young homeowners, that does not require them to postpone buying a home for up to a decade as they try to save up that elusive 20 per cent first home deposit.