Millennial's seeking to buy property not interested in studios: ING

Millennials seeking to get a foot on the property ladder aren't interested in studio apartments, suggests a recent ING survey.

ING surveyed 100 millennials from across the country, and nearly half had their eye on a three or more bedroom home as their target.

Naturally, 50 percent of the people asked said the home they would 'most like' would be a three or more bedroom house, but 42 percent suggested that is the home they are most likely going to buy.

Only three respondents said a studio apartment would be their ideal purchase, as well as the most likely to buy. 

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Only seven percent want a one bedroom apartment.

The ING Millennial Homeownership Report found that 64 percent of young Australians (aged between 22-37 years old) prefer to plan ahead rather than live life off the cuff.

More than a third (38 percent) are currently saving for a house to buy in the next three years.

Despite their aspirations and good intentions to owning a property, 61 percent of millennials aren’t sure how much they need to save for a home deposit, including 40% of those that are currently saving.

For those that say they think they know how much they need, $76,000 is considered the average deposit amount to purchase their first home.

Melanie Evans, ING Australia’s head of retail banking, says their research shows that millennials are living for today, but are also planning for tomorrow.

“Millennials are often unfairly pictured as only living in the here and now, but they want what generations before them wanted; the security and financial stability that owning a home offers.

“Their homeownership aspirations are also rooted in traditional values like opting for a family home, being near green areas and family."