{"id":836513,"date":"2026-07-31T22:05:13","date_gmt":"2026-07-31T22:05:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/836513\/"},"modified":"2026-07-31T22:05:13","modified_gmt":"2026-07-31T22:05:13","slug":"new-data-reveals-what-home-buyers-are-giving-up-to-get-a-foot-in","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/836513\/","title":{"rendered":"New data reveals what home buyers are giving up to get a foot in"},"content":{"rendered":"

A 22-year-old Sydneysider who grew up in the eastern suburbs just bought her first home less than 300km away from the city. <\/p>\n

Mia Bennett moved to Newcastle to study teaching, and now has waltzed into the housing market by ditching the Sydney and Newcastle markets and going regional. <\/p>\n

After realising both of those markets were \u201cout of reach\u201d for her, Ms Bennett bought the four-bedroom house in Scone, in the Hunter Region of NSW where she now lives with her partner. <\/p>\n

\"Stamp<\/p>\n

\u201cBeing Gen Z, it\u2019s one of those things we\u2019ve just been told over and over again that it\u2019s so unachievable… but I don\u2019t think people should fear,\u201d Ms Bennett told news.com.au. <\/p>\n

\u201cI never considered myself living regionally, and now that I have moved out here, I\u2019m absolutely loving it… I think if I stayed in Newcastle, I wouldn\u2019t have bought a house yet.<\/p>\n

\u201cIf you\u2019re a buyer, I think it\u2019s a good time to buy, really. I think I got a bargain.\u201d<\/p>\n

The latest home ownership report by Westpac shows that buyers are prioritising their foot in the door of the housing market over their dream postcodes.<\/p>\n

Most recent research revealed a shift in perspective among first-home buyers, particularly the Gen Z demographic. <\/p>\n

More than 2000 people were surveyed in May. A staggering 74 per cent said they were willing to buy in areas they had not considered before. <\/p>\n

The survey also revealed more than half of participants felt recent adjustments to capital gains tax and negative gearing were in favour of first homebuyers. Among Gen Zs, in particular, there was a sense of optimism about these shifts. <\/p>\n

\u201cWe\u2019re seeing buyers broaden their search and think more practically about what works for their circumstances today,\u201d Westpac chief executive, consumer, Carolyn McCann said. <\/p>\n

\u201cThat might mean considering a different suburb or a home that doesn\u2019t tick every box if it helps them get started on their home ownership journey.<\/p>\n

\u201cHome ownership is a long-term journey, so understanding the opportunities and trade-offs of different pathways into the market can help buyers make informed decisions and stay focused on their longer-term goals,\u201d Ms McCann said.<\/p>\n

In comparison with data from five years ago, more Australians are willing to buy apartments and units in high rise buildings which shows the increased flexibility of home buyers wanting to enter the market. <\/p>\n

Preference to buy townhouse units and apartments has increased by 12 per cent since 2021. <\/p>\n

\u201cA first home doesn\u2019t need to be a forever home. For many Australians, it\u2019s about making a confident first step to create more options for the future,\u201d Ms McCann said. <\/p>\n

The survey also revealed many first home buyers (40 per cent) were willing to consider \u201crentvesting\u201d. <\/p>\n

Buyers are increasingly viewing their first home as a stepping stone and a foot in the door rather than a forever home. <\/p>\n

Ms Bennett also agreed that her current house wouldn\u2019t be her \u201cforever home\u201d but it had potential investment opportunities. A place she could put up for rent in the future. <\/p>\n

She advised young buyers to explore all possibilities including regional properties saying a \u201cdipping\u201d market could be daunting for sellers, but it was an ideal time for first time buyers to enter the market at a reasonable price. <\/p>\n

\u201cIf you do have a 5 per cent deposit, I think getting in, when you have the opportunity, is better and I don\u2019t think people should be scared,\u201d she said. <\/p>\n

Ms Bennett\u2019s 4-bedroom house in Scone is a heritage house built in the 1930. She said living there as a homeowner felt \u201clike taking a breath of fresh air\u201d. After spending about five years at multiple rentals, she said it was nice to have some stability. <\/p>\n

\u201cIt\u2019s just nice to have some stability and also have fun\u2026 making choices like painting walls and all of those reno things that are exciting\u2026 it\u2019s a breath of fresh air really,\u201d she said. <\/p>\n

Read related topics:Sydney<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A 22-year-old Sydneysider who grew up in the eastern suburbs just bought her first home less than 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