The number of millennials giving up hope of moving out of home by 30 years of age is surging, new research from CoreLogic has revealed.

Released last Friday, the 2019 Perceptions of Housing Affordability report identified the proportion of Australians who think they will be at least 30 years of age before leaving home has risen from 20 per cent in 2017 to 34 per cent. 

CoreLogic International CEO Lisa Claes said the report indicated the youngest generation was "effectively being locked out of the market".

2019 Perceptions of Housing Affordability - At a glance:

• The proportion of Australians who think they will be at least 30 years of age before leaving home has risen from 20 per cent in 2017 to 34 per cent.
• A quarter of millennials say family assistance to raise a deposit would be a great help when buying their first home, signalling a significant increase on the 21 per cent in 2017.
• Of the millennials surveyed, 86 per cent rate home ownership as important, making them the most passionate of all demographics.

"The report proves that the ‘cubby house’ syndrome – where children are prolonging their home stay with parents - is intensifying," she said.

“If millennials’ affordability disillusionment continues, we risk entrenching a generation who become disenfranchised from society.

"It raises serious issues around intergenerational equity and should be a catalyst for policy makers to address affordability at a foundational level.” 

The report found that amid the ongoing affordability crisis, more Australians, particularly young people, are turning to family for help.

A quarter of millennials say family assistance to raise a deposit would be a great help when buying their first home, signalling a significant increase on the 21 per cent in 2017. 

One in five millennials also viewed favourably, financial support from their family to pay off the mortgage (up from 13 per cent in 2017). 

Despite the challenges millennials face, the great Australian dream of home ownership burns brightly - 86 per cent rate home ownership as important, making them the most passionate of all demographics.

Tim Lawless who leads Research at CoreLogic research said the ‘bank of Mum and Dad’ – where young people rely on their parents to support their entry into the housing market, either by helping with a deposit or assisting with loan repayments-  was becoming one of the last sources of hope for Millennials.

“Millennials haven’t given up on the great Australian dream – they want to own homes. In fact, by being denied it, they want it even more," he said.

“But they are losing hope that they will ever be able to realise that dream.” 

Click here to download a copy of the report.

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