More people are expecting to live with their parents until they are 30 because the cost of buying a home for the first time is too much, according to a new Galaxy poll.
Queenslanders and ACT residents who live at home with their parents are the most motivated to move out and buy, with 48% of Queenslanders and 49% from the ACT saying they were saving money towards a home deposit. In NSW only 24% of those living with their parents were saving for a home deposit.
"One of my children is 25-years-old and there is no sign of leaving home anytime soon," CoreLogic chief executive Lisa Claes said.
"I'm not suggesting there is a sponging element going on but I suspect there are big changes going on in the home.
"There is a very acute shift in millennials not wanting to move out of home. It is partly an economic shift."
Overall, 21% of those aged 18 or over and living in the family home expect to remain with their parents until they are at least 30-years-old.
Ms Claes has coined the phenomenon 'Cubby House Syndrome', whereby parents try and fashion some sort of independent living arrangements for their adult children on their existing premises.
This article was originally published by the Australian Financial Review on 5 May 2017. It represents the views of the author only and does not necessarily reflect the views of AMP.
Q&A with AMP Capital’s Head of Investment Strategy and Economics and Chief Economist, Dr Shane Oliver.