What would you do with a $100,000 windfall?
by Sophie Pickett-Heaps
Millennials are often accused of frittering their money away on smashed avocado on toast while the price of housing continues to climb, but a recent study has found young Australians are firmly focused on their future.
And that future includes a home of their own.
A recent Galaxy poll, commissioned by sandwich company Subway, has found young people are most likely to use a $100,000 windfall on a home loan or a mortgage.
In fact, 54 per cent would invest in a home, compared with 59 per cent of Generation X and just 31 per cent of Baby Boomers.
Stockland’s co-head of design, Sophie Pickett-Heaps, says she’s unsurprised by the results.
“Most of us still buy into the Great Australian Dream – but what that dream looks like is changing,” she says.
Millennials – those who range from 18 to 34 years – are increasingly attracted to apartment living, because they crave the buzz of the city. They want walkable neighbourhoods close to jobs and public transport and are willing to trade off the size of their home in favour of location and lifestyle.
“Not everyone wants a standalone home in the suburbs with a big garden and a two-car garage,” Sophie says.
“Many people, particularly those in younger demographics, are looking for compact, affordable places that are close to the action and require less maintenance.
“Most apartment communities also have a higher quality of amenity, like pools and gyms, pocket parks that are much bigger than a suburban backyard and rooftop terraces with views over the entire city,” she says.
“As the demand for compact living grows, we are creating better public spaces that bring the community together – whether that’s planting veges in the communal garden, socialising the café at the bottom of the building or meeting in the nearby park,” she says.
“We are beginning to see that apartment living is not a lesser option – it’s a great option for younger people wanting to get into the market, but also for anyone that wants to upsize their liveability.
“Smaller is more sustainable,” she says.