Property Buzz

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Gen Z gets serious about saving for a home; Scammers coopt Airbnb compensation claims; and Australians reveal why they intend to sell

Welcome to Property Buzz! Today is Saturday, 23 December.

– Bankwest’s Home Truths survey shows increased confidence among Gen Z about entering the property market, with over half confident in their ability to save money.

– The survey collected responses from over 1700 Australians, focusing on WA consumers, and found that 49% of Gen Z respondents are actively saving for a home, a 9% increase from the previous year.

– Gen Z respondents also reported a 7% increase in confidence in understanding money matters, reaching 64%, equal to Millennials and higher than Gen X. Gen Z was the only generation to grow in confidence in their ability to accrue savings.

– Despite the increased confidence, Gen Z continues to be the hardest hit by housing competition, with half reporting negative impacts of rental pressures. 

– And the Federal Court has handed down a hefty fine to Airbnb for misleading consumers over pricing.

– The company must pay a $15 million fine and pay out up to a further $15 million in compensation to customers who thought they were paying for accommodation in Australian dollars when, in fact, the listings were in US dollars.

– However, hot on the heels of the fine, criminals are already using the payout as the basis for scams promising to help Airbnb’s customers obtain a refund. The ACCC has urged consumers to be vigilant and not to trust advertisements, calls or text messages that claim to help consumers receive compensation.

And nearly 40% of Australian homeowners report that they plan to sell a property within the next five years, with 19.5% citing financial pressures as the reason, according to research from Compare the Market.

– Physical property requirements like location and size are key motivators for selling, with around a third intending to upsize or downsize and over a quarter moving to a different suburb or community.

– Financial pressures are also a factor for investors selling properties, with increased property taxes, fees, and stricter tenancy legislation causing some landlords to exit the market. 

– According to the data, 6% of sellers will take action within the next 12 months, 12% will sell within the next two years, and a further 20% said they will sell within the next five years

That’s Property Buzz for today and for the year. Enjoy your holidays, we’ll be back in the new year with your daily dose of Property Buzz. 

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Gen Z gets serious about saving for a home