Staggering number of Aussie parents trying to helping their kids buy a home revealed

New research has revealed the mammoth portion of the nation’s parents that are going to try to help their kids buy a home, which could greatly impact property prices.

Borrowing from the bank of mum and dad is on the rise.

Four in every five Australian parents are open to helping their kids break into the property market.

In a survey with 1000 participants commissioned by real estate agency LJ Hooker, 82 per cent of the respondents with children were willing to help them buy a home.

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LJ Hooker research group head Mathew Tiller said parents wanted their children to have the same financial security they had enjoyed through owning property.

“There are many ways they can go about this, from giving them a cash gift, acting as a co-

guarantor, or even letting them stay at the family home rent-free until they have saved a

deposit,” Mr Tiller said.

Mr Tiller said Aussies still associated property ownership with financial security.

The survey also showed that 270 participants (27 per cent) were open to buying a property with a friend of sibling, with 44 per cent of Generation Z respondents in favour of the idea.

About 450 of the Aussies surveyed (45 per cent) were open to apartment living, with Gen Z (61 per cent) and Gen X (45 per cent).

Mr Tiller said Australia still associated property ownership with financial security, but rising affordability challenges meant looking for alternative pathways like co-ownership or apartment living.

Davidson Property Advocates chief executive Tonya Davidson said she was seeing a rise in tenants looking to buy their first home with the assistance of the Bank of Mum and Dad.

82 per cent of Aussie parents are willing to help their kids get into the property market.

She added that there were parents who were predicting home prices would rise in the third quarter of this year, and were wanting their kids to get into the market sooner rather than later with a little help.

“I deal with a large cross section of budgets and its probably more pressing … for those first-home buyers,” she said.

Ms Davidson said it wouldn’t surprise her if it became more common for parents to help their kids get into the property market in the future, where they had the means to assist them.

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Originally published as Staggering number of Aussie parents trying to helping their kids buy a home revealed