Home dream fades for young

Australians aged under 35 are abandoning the goal of owning their own homes, a Melbourne University researcher has found, with leisure pursuits increasingly taking priority. Young Australians are now opting to spend their disposable income on travel, eating out, cars and other material possessions.

Rather than buying homes – which they can afford – young people are increasingly opting to rent instead with many choosing to live in inner suburbs to avoid commuting. Researcher Richard Reed attributed the shift in priorities to a “post-September 11” attitude of “living for the moment”.