Here at Mortgage Innovations in Varsity Lakes, we’re witnessing a fascinating trend that’s reshaping the Gold Coast’s property landscape: the rise of the ‘grandparent economy’. As our local baby boomers age, they’re playing an increasingly pivotal role in helping younger generations achieve their homeownership dreams.
Recent data shows that baby boomers, while comprising just 21% of Australia’s population, hold nearly half of the nation’s private wealth. This wealth concentration is having a significant impact on our local property market, particularly for first-time buyers.
Despite rising property values and interest rates, we’re seeing a surge in first-home buyer activity. Nationally, first-home buyers make up 28.7% of new owner-occupier finance, well above the decade average.
The impact is particularly noticeable in popular Gold Coast suburbs like Robina, Burleigh Heads, and right here in Varsity Lakes. We’re frequently assisting young buyers who have received significant financial boosts from their grandparents, allowing them to compete in our competitive local market.
This trend is especially crucial for our younger population. The 2021 Census revealed that 15.8% of the Gold Coast’s population (99,143 residents) were aged 12-24. As these young people look to enter the property market in the coming years, the support of the ‘grandparent economy’ will be invaluable.
At Mortgage Innovations, we’re adapting our services to cater to this evolving dynamic. We’re helping families navigate intergenerational wealth transfers and assisting young buyers in leveraging outsider support to secure their first homes on the Gold Coast.
As our local property market continues to evolve, the ‘grandparent economy’ is set to play an increasingly important role in shaping the future of homeownership on the Gold Coast.
Contact our multi-award-winning team today for expert advice tailored to your goals, whether you want to purchase your first home or build your investment portfolio.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
