Buying a house: More young people purchasing homes by themselves
It used be considered a vital step in coming together as a couple but urban Aussies are increasingly purchasing properties on their own rather than splitting the bill with their spouse.
Mortgage data revealed couples still dominated purchases on a national stage, accounting for about 73 per cent of loans last year, but the picture changed markedly within inner and middle-ring city suburbs.
Mortgage brokers told The Sunday Telegraph up to three quarters of their loan books in areas such as Sydney’s inner west and eastern suburbs were being filled by solo buyers. The majority going through solo purchases were those aged 20-40.
MORE: World’s richest man creating mega home
Living in Sydney is getting cheaper
This comes as a Comparethemarket.com.au survey revealed under 30s rated home ownership and being in relationship roughly equal as a life goal.
Home ownership was also considered more of a priority than travelling, education and career aspirations, with only health and family considered higher priorities.
Smartline mortgage broker Samantha Cranny said many of those purchasing homes alone wanted to get a foot on the property ladder as early as possible but didn’t want to wait until they were romantically involved.
“There’s obvious advantages in buying with someone, but for some people the right person hasn’t come along yet,” Ms Cranny said.
“They reach their late 20s or early 30s and then they start to think ‘what if I don’t get my happy ever after?’ So they start looking for what they can afford on their own.”
Some solo buyers were also weary of price rises and the equity gains they might miss by potentially waiting a few years for Mr. or Ms. Right to come along, Ms Cranny said.
“This is very much a Sydney trend because there was that huge jump in prices over the last few years,” she said.
Starr Partners chief executive Douglas Driscoll said people were changing how they purchased property because of a cultural shift in the way they viewed housing.
“In this country and especially in Sydney, it is no longer seen as just a roof above your head, it’s an investment that will make money,” Mr Driscoll said.
Single mum Nicola Clayton recently purchased a home on her own and said she never felt there was a link between home ownership and being in a relationship.
It’s her fourth property purchase and she bought and sold her three previous properties while in relationships.
“I always saw property ownership as something separate,” she said. “(They) had theirs, I had mine … I never felt confident to financially integrate.”
Ms Clayton added that her views would probably have been different if she lived outside Sydney.
“I feel like the days when you could buy your dream house for your family have gone in Sydney and you have to just buy what you can afford so there is no need to wait (for a partner).
“I also always wanted to get property as quickly as I could and it helps that I have a good career and can afford to borrow on my own.”