A new study has indicated that many young Australians are optimistic about home ownership, and believe they will one day own property.
A recent survey of 11,000 Australians, conducted by Triple J, showed that 79 per cent of Aussies aged 18 to 29 believed they would own a house one day.
However, almost half were currently living with their parents.
More than half of the young people polled had less than $5000 in savings.
The Mercury spoke to Illawarra young people within this age group regarding their sense of optimism for future home ownership.
Chelsea Guest, 18, lives with her parents in Balgownie, and works casual office and retail jobs.
She hopes to move out by her early twenties, and said her partner shared her goal to save to buy a home.
“I am absolutely motivated to buy a house one day soon,” she said. “And given that I have my sights set on getting a house soon I am quite optimistic about it.
“(However) saving is difficult since I only work casually, and since I am fresh out of high school not many businesses are willing to employ people like me full-time.”
Even those who have already bought property are seeking “more affordable” options than the Illawarra for future purchases.
Jessi Phillips, 29, purchased a two-bedroom unit in Brownsville in 2010.
“As a 21-year-old I had no idea I was going to buy a unit,” she said.
“I had just moved home from the Northern Territory.
“I moved there when I was 18 for work… What I thought was a gap year turned into three or four years’ gap year where I was able to save up some money.”
She wanted to stay in the Illawarra to be close to family; her mother encouraged her to buy rather than rent.
Ms Phillips is in her final session of studying nursing at university, and currently has a permanent part-time job with The Disability Trust.
Ms Phillips plans to buy “somewhere more affordable” than the Illawarra with her partner – probably in the Shoalhaven – and likely rent out her current property.
“The idea is when I get a job as a registered nurse next year, that I should be able to buy a house,” she said.
“I won’t be able to buy a second property on my own.”
Jeffrey Lamont, 21, works as a store manager.
Last year, Mr Lamont and his partner purchased a block of land in the Shoalhaven and hope to be in their home by early next year.
He lamented how with current prices, availability of land and wages not increasing in accordance with cost of living, “the housing market is now nearly unaffordable for most people our age.”
“It’s not a normal block; we bought probably one-quarter of the size of a normal block of land,” he said.
“It came down to what we could afford at the time.
“I’ve got one other friend who also has a house already. He’s the only other mate my age who has a house.”
However, he said most people he knew of his age were optimistic about owning a house eventually. “But they don’t think they’ll own a house until they’re in their thirties or forties,” he said.