Starting out with Elevated Expectations; SCU Study Finds {lsquo}Generation Y' First Home Buyers Taking Different Tack to Baby Boomers

The Northern Star (Lismore, Australia), October 10, 2008 | Go to article overview

Starting out with Elevated Expectations; SCU Study Finds {lsquo}Generation Y' First Home Buyers Taking Different Tack to Baby Boomers


Byline: EMMA O'NEILL emma.oneill@northernstar.com.au

BALLINA residents Cammy and Todd Peters aren't prepared to compromise when it comes to buying their first home.

Despite the credit crunch, and already enduring a 12-month search for a house, Mrs Peters said the couple knew what they wanted and weren't going to buy something that didn't meet their criteria.

Mrs Peters' approach to first home ownership reflects some classic characteristics of Generation Y, according to a study carried out by Southern Cross University School of Commerce and Management honours student Melanie Thomas.

The new study found members of Generation Y were prepared to delay buying their first home for five years or more to ensure they could afford something that met their expectations.

This is a big shift from the mentality of past generations of first home buyers, according to Mrs Peters' mother, Gail Hollingworth.

Eighteen years ago, Mrs Hollingworth and her husband, Doug, bought their first home and said they were simply looking for 'something we could afford'.

"It seems the current generation is much more particular and start searching for their home with a particular standard," she said.

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