Gen Z First Home Buyers: 5-Year Goal as 1 in 3 Plan to Buy

Gen Z has a reputation for living online, but their biggest goal is very real. A growing number are quietly setting themselves up to buy a first home before the decade is out.

Rather than waiting for the stars to align, many are building a plan, trimming spending, and reshaping what “getting a place of your own” looks like.

The classic “great Australian dream” has not gone anywhere.

Owning a home still sits high on the wishlist for many Australians. A recent Westpac survey found more than one in three (35%) Gen Zs, mainly those in their 20s, expect to buy their first home within the next five years.

That is a 5% rise since the start of the year. It points to a clear shift in confidence among Gen Z home buyers.

So what is behind the lift in optimism, and how are they turning it into action?

Let’s unpack it.

Gen Z Home Buyers and Why They Want a Place of Their Own

For many young adults, the motivation starts with independence. Almost two in five (37%) say buying a home is about finally having their own space and calling the shots. Years of living with parents or dealing with rental inspections will do that.

A solid sense of financial security is next on the list. More than one in three (34%) Gen Zs see owning a home as a key step in feeling more stable with money.

A similar share (32%) are simply tired of renting. They want to get off the rental treadmill and channel their money into a home that belongs to them. The thinking is simple: if you are going to pay for somewhere to live, you may as well work toward an asset in your name.

These are emotional and financial drivers working together. The result is a generation that is more determined to buy, even with high prices and cost of living pressure.

Gen Z home-buying strategy in action

Turning a goal into a deposit usually comes down to daily habits. Around eight in ten Gen Z first home buyers are boosting their savings by tuning their lifestyle choices. Many are cutting back on food delivery, takeaway, and nonessential spending so more cash can flow into their savings account.

They also know the property market is tight, with fewer homes listed for sale. To get around this, four in five (80%) say they are open to suburbs they had not considered before. That can mean looking a little further out or choosing pockets that are not yet “hot” but offer better home value.

Flexibility also shows up in the type of property they are willing to buy. Interest in apartments, which can often sit at a lower price point than houses in the same area, has lifted by 2% since the start of the year. At the same time, enthusiasm for traditional houses has eased slightly.

More than half (55%) of Gen Z home buyers are even considering rent vesting. This means their first purchase is an investment property in an area that stacks up numbers-wise, while they continue to rent in a location that suits their lifestyle. It is a way to enter the market without giving up the suburb they enjoy living in.

How much deposit are Gen Zs aiming for?

High property prices make the old standard 20% deposit a big mountain to climb. So many Gen Zs are choosing a different path rather than putting their plans on hold.

Over half (53%) of Gen Z first-home buyers in their 20s are happy to move ahead with a deposit of 10% or less. The focus is on getting a foot in the market, then building equity over time.

This has become more realistic with the newly expanded Australian government 5% Deposit Scheme. The scheme allows eligible buyers to purchase a home with as little as a 5% deposit and pay no lender's mortgage insurance. That can save tens of thousands of dollars and shave years off the deposit-saving stage.

For Gen Z, it is one more lever to pull in a broader strategy that blends careful saving, flexible property choices, and smart use of government support.

Turn Your First Home Plan Into a Real Timeline With Osinski Finance

Buying your first home does not have to stay in the “someday” basket.

With a simple savings plan, the right government support, and a home loan that fits your budget, owning a place can become a real goal, not just an idea.

Osinski Finance helps you with more than just one decision. We can guide you as a first-time home buyer, review and set up your home loan options, and explore ways to invest in a property that supports your long-term plans.

If you are a Gen Z first-time home buyer who is ready to move from ideas to action, contact us today. Our mortgage broker can shape a Gen Z home buying strategy that fits your income, lifestyle, and goals, so you can step into a place of your own with confidence.

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