Builders chase young buyers

THE new building industry must focus more on young people as a source of sales, according to BGC Housing director Julian Ambrose.

Mr Ambrose said the annual Housing Survey by the Australian Bureau of Statistics found that during 1999 about two million Australians or 27 per cent of all households rented their home.

The vast majority of these people were young single people aged under 35 years.

“The survey found 62 per cent of young single people living on their own were renting their home,” Mr Ambrose said.

Only 52 per cent of couples aged under 35 owned their own home. In contrast 80 per cent over 65 owned their own home outright.

“A high proportion of young people continued to rent their home even though the survey found that there was not a major difference between the cost of buying your first home and privately renting,” he said.

“There is a responsibility on the new home building industry to provide products that young people will find attractive.

“Over the last number of decades the new home building industry in Australia has been focused on building the traditional family home.

“While this market is still important, these ABS figures underline that there are more than one in four households in Australia that continue to rent and most of these are young people.”

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